Low Investment is Not the Constraint on African Development

Shantayanan Devarajan (), William Easterly () and Howard Pack

No 13, Working Papers from Center for Global Development

Abstract: While many analysts decry the lack of sufficient investment in Africa, we find no evidence that private and public investment are productive, either in Africa as a whole (unless Botswana is included in the sample), or in the manufacturing sector in Tanzania. In this restricted sense, inadequate investment is not the major obstacle to African economic development.

Keywords: African Development; private and public investment; economic development (search for similar items in EconPapers)
JEL-codes: F35 O15 O16 O55 (search for similar items in EconPapers)
Date: 2002-10
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Journal Article: Low Investment Is Not the Constraint on African Development (2003)
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