Growth in Sub-Saharan Africa
Summary:
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.
Series:
Working Paper No. 1995/136
Subject:
Expenditure Foreign exchange Human capital Labor National accounts Population and demographics Population growth Private investment Public investment spending Real effective exchange rates
Notes:
Also published in Staff Papers, Vol. 43, No. 3, September 1996.
English
Publication Date:
December 1, 1995
ISBN/ISSN:
9781451855753/1018-5941
Stock No:
WPIEA1361995
Pages:
32
Please address any questions about this title to publications@imf.org