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Macroeconomic Vs. Resource Determinants of Economic Growth in Africa: A COMESA and ECOWAS Study

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  • Samson Adeniyi Aladejare

Abstract

This study simultaneously investigates the macroeconomic and the resource determinants of economic growth in the ECOWAS and the COMESA regions. The objective of this study was to empirically ascertain which of the two determinant is key for growth in both regions. To achieve this, the pool mean group technique of analysis was adopted. Empirical findings from the study analysis suggest that long-run economic growth determination in the ECOWAS region, is more reliant on macroeconomic variables and not resource price. While in the COMESA, the impact of macroeconomic determinants on long-run growth is less. In addition, reliance on resource price for long-run growth in the COMESA is found to be growth decelerating. In the short-run, growth determination in the ECOWAS is highly responsive to resource price negatively, while macroeconomic determinants of growth are weak. However, findings for the COMESA region suggest that short-run growth is highly responsive to macroeconomic determinants negatively, and to resource price positively. Hence, for countries in both regions to achieve sustainable long-term growth, there is the need for improvement in their macroeconomic management.

Suggested Citation

  • Samson Adeniyi Aladejare, 2020. "Macroeconomic Vs. Resource Determinants of Economic Growth in Africa: A COMESA and ECOWAS Study," International Economic Journal, Taylor & Francis Journals, vol. 34(1), pages 100-124, January.
    • Handle: RePEc:taf:intecj:v:34:y:2020:i:1:p:100-124
    DOI: 10.1080/10168737.2019.1663439
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    Cited by:

    1. Aladejare, Samson Adeniyi, 2022. "Natural resource rents, globalisation and environmental degradation: New insight from 5 richest African economies," Resources Policy, Elsevier, vol. 78(C).
    2. Aladejare, Samson Adeniyi, 2023. "Economic prosperity, asymmetric natural resource income, and ecological demands in resource-reliant economies," Resources Policy, Elsevier, vol. 82(C).
    3. Byaro, Mwoya & Pelizzo, Riccardo & Kinyondo, Abel, 2023. "What are the Main Drivers Behind the Acceleration of Tanzania's Economic Growth Over the Past Three Decades?," African Journal of Economic Review, African Journal of Economic Review, vol. 11(4), June.
    4. Ebi, Bassey Okon & Aladejare, Samson Adeniyi, 2022. "Oil Price Transmission, Deficit Financing and Capital Formation," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 56(1), pages 123-133.

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