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Sub-Saharan Africa's recent growth spurt : an analysis of the sources of growth
 
Author:Cho, Yoonyoung; Tien, Bienvenue N.; Collection Title:Policy Research working paper ; no. WPS 6862
Country:Africa; Date Stored:2014/05/08
Document Date:2014/05/01Document Type:Policy Research Working Paper
SubTopics:Achieving Shared Growth; Economic Theory & Research; Emerging Markets; Economic Growth; Population PoliciesLanguage:English
Region:AfricaReport Number:WPS6862
Volume No:1 of 1  

Summary: Since the mid-1990s, Sub-Saharan Africa has experienced unprecedented levels of high economic growth. A key question follows: What accounts for the turnaround of the growth performance in the mid-1990s? The answer can provide insight into whether the recent growth spurt in Sub-Saharan Africa is merely temporary or the beginning of a sustainable takeoff. This paper examines the sources of growth of 32 countries in Sub-Saharan Africa in a growth accounting framework. The findings suggest that the recent growth spurt is largely associated with an increase in the share of working-age population, capital accumulation, and total factor productivity, unlike previous periods. Resources play a role by attracting capital inflows, particularly from foreign direct investment and shifting labor away from agriculture. However, the growth prospects for Sub-Saharan Africa seem promising beyond resources, with steady progress in decreased fertility, increased foreign direct investment, political stability, and structural transformation.

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