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Physical Investment, Health Investment and Income Growth in Africa

In: Investment and Competitiveness in Africa

Author

Listed:
  • Abiodun O. Folawewo

    (Faculty of the Social Sciences, University of Ibadan)

  • Adeniyi Jimmy Adedokun

    (McPherson University)

Abstract

This study investigates the relationship between physical investment, health investment and income growth in Africa over the period of 1996–2012. The system generalised method of moment (GMM) panel estimation technique is employed. Empirical analysis is carried out across aggregate Africa data and nine sub-groups namely West, East, Central, Southern, and North Africa; oil and non-oil producer; and high and low populated group of countries. Results show that on the average physical investment has an overwhelming significant positive relationship with income, while health investment has insignificant positive relationship with income. However, across the different groups of countries, health investment has significant positive relationship with income in West Africa, Central Africa, oil producing, non-oil producing, and high populated. Evidence of conditional convergence among the economies in Africa and all other groups of countries is also found. The study suggests the need for improvement in both types of investment so as to boost income in Africa.

Suggested Citation

  • Abiodun O. Folawewo & Adeniyi Jimmy Adedokun, 2017. "Physical Investment, Health Investment and Income Growth in Africa," Advances in African Economic, Social and Political Development, in: Diery Seck (ed.), Investment and Competitiveness in Africa, pages 69-86, Springer.
    • Handle: RePEc:spr:aaechp:978-3-319-44787-2_4
    DOI: 10.1007/978-3-319-44787-2_4
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