Sub-Saharan Africa's recent growth spurt: an analysis of the sources of growth

Yoonyoung Cho and Bienvenue N. Tien

No 6862, Policy Research Working Paper Series from The World Bank

Abstract: 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.

Keywords: Economic Growth; Achieving Shared Growth; Economic Theory&Research; Emerging Markets; Population Policies (search for similar items in EconPapers)
Date: 2014-05-01
New Economics Papers: this item is included in nep-afr, nep-dev and nep-gro
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:wbk:wbrwps:6862

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