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Macroeconomic Determinants of Economic Growth: A Review of International Literature

Themba Chirwa () and Nicholas Odhiambo ()

South East European Journal of Economics and Business, 2016, vol. 11, issue 2, 33-47

Abstract: The paper conducts a qualitative narrative appraisal of the existing empirical literature on the key macroeconomic determinants of economic growth in developing and developed countries. Much as other empirical studies have investigated the determinants of economic growth using various econometric methods, the majority of these studies have not distinguished what drives or hinders economic growth in developing or developed countries. The study finds that the determinants of economic growth are different when this distinction is used. It reveals that in developing countries the key macroeconomic determinants of economic growth include foreign aid, foreign direct investment, fiscal policy, investment, trade, human capital development, demographics, monetary policy, natural resources, reforms and geographic, regional, political and financial factors. In developed countries, the study reveals that the key macroeconomic determinants that are associated with economic growth include physical capital, fiscal policy, human capital, trade, demographics, monetary policy and financial and technological factors.

Keywords: Economic Growth; Macroeconomic Determinants; Developing Countries; Developed Countries (search for similar items in EconPapers)
JEL-codes: E13 O11 O47 (search for similar items in EconPapers)
Date: 2016
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South East European Journal of Economics and Business is currently edited by Adnan Efendic, Vesna Babić-Hodović and Aziz Šunje

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