Impact of Remittances on Economic Growth in Africa: An Econometric Analysis

Md. Zobayer Bin Amir and Md. Khaled Bin Amir
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Md. Zobayer Bin Amir: Department of Economics, Western Illinois University, USA
Md. Khaled Bin Amir: Department of Banking and Insurance, University of Dhaka, Bangladesh

International Journal of Economics and Financial Issues, 2024, vol. 14, issue 1, 64-72

Abstract: We propose that natural disasters enable frequent and severe market manipulation. Remittances have impact on economic growth of African nations. We tested this proposition by employing panel data from 42 African nations from 2001 to 2020.The fixed effect model is representative of all models used in this study. The unemployment rate (UR) is used as an instrumental variable in the Generalized Momentum Method (GMM) estimation to reduce the endogeneity problem. This study suggests that remittances have a significant positive impact on the economic growth of African nations.

Keywords: Remittances; Economic Growth; Africa; Migration; GDP (search for similar items in EconPapers)
JEL-codes: F24 J11 O11 O4 O55 (search for similar items in EconPapers)
Date: 2024
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