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Growth in Sub-Saharan Africa
Author:
Mr. Dhaneshwar Ghura
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Mr. Michael T. Hadjimichael
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Series:
IMF Working Papers
Volume/Issue:
Volume 1995: Issue 136
Language:
English
Publication Date:
01 Dec 1995
DOI:
https://doi.org/10.5089/9781451855753.001
ISBN:
9781451855753
ISSN:
1018-5941
Pages:
32
Keywords:
WP; budget deficit; private sector; terms of trade; CFA franc; rate of inflation; production function; government budget deficit; comparable indicator; terms of trade loss; investment decision; private sector development; government involvement; per capita income; private sector saving; Human capital; Private investment; Real effective exchange rates; Public investment spending; Population growth; Sub-Saharan Africa
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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The paper investigates empirically the determinants of economic growth for a large sample of sub-Saharan African countries during 1981-92. The results indicate that (i) an increase in private investment has a relatively large positive impact on per capita growth; (ii) growth is stimulated by public policies that lower the budget deficit in relation to GDP (without reducing government investment), reduce the rate of inflation, maintain external competitiveness, promote structural reforms, encourage human capital development, and slow population growth; and (iii) convergence of per capita income occurs after controlling for human capital development and public policies.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund