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The Global Setting and African Economic Growth

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  • Augustin Kwasi Fosu

Abstract

This paper reviews the evidence on the importance of the global setting for the economic growth of African economies, particularly in the light of the increasing salience of globalisation. Although export promotion strategies are found to be growth enhancing for African economies, available evidence suggests that it is the manufacturing component that really seems to matter. The global‐related factors with adverse effects include terms of trade deterioration, economic instabilities of capital (investment) and imports, high world interest rates, real exchange rate misalignment, diminishing external aid flows into countries with sound policies, large external debt and high export taxes. The World Trade Organisation framework also matters for the growth prospects of African countries. The current time‐bound exemptions accorded most African countries under the framework are steps in the right direction.

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  • Augustin Kwasi Fosu, 2001. "The Global Setting and African Economic Growth," Journal of African Economies, Centre for the Study of African Economies, vol. 10(3), pages 282-310.
    • Handle: RePEc:oup:jafrec:v:10:y:2001:i:3:p:282-310.
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    File URL: http://hdl.handle.net/10.1093/jae/10.3.282
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    Cited by:

    1. Karel Tomšík & Luboš Smutka, 2013. "Selected aspects and specifics of the economic development in sub-Saharan Africa," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 61(2), pages 517-528.
    2. Augustin Kwasi Fosu & Dede Woade Gafa, 2020. "Economic Neoliberalism and African Development," Working Papers 202074, University of Pretoria, Department of Economics.
    3. Irifaar SOMÉ & Windkouni Haoua Eugenie MAIGA, 2021. "Effets des prix relatifs des échanges sur la croissance économique en Afrique subsaharienne," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 54, pages 161-175.
    4. Augustin Kwasi Fosu, 2013. "Achieving Development Success: Strategies and Lessons from the Developing World," WIDER Working Paper Series wp-2013-027, World Institute for Development Economic Research (UNU-WIDER).
    5. Mr. Brou E Aka & Mr. Bernardin Akitoby & Mr. Amor Tahari & Mr. Dhaneshwar Ghura, 2004. "Sources of Growth in Sub-Saharan Africa," IMF Working Papers 2004/176, International Monetary Fund.
    6. Christine Mutz & Thomas Ziesemer, 2008. "Simultaneous estimation of income and price elasticities of export demand, scale economies and total factor productivity growth for Brazil," Applied Economics, Taylor & Francis Journals, vol. 40(22), pages 2921-2937.
    7. Narayan, Paresh Kumar & Narayan, Seema & Smyth, Russell, 2011. "Does democracy facilitate economic growth or does economic growth facilitate democracy? An empirical study of Sub-Saharan Africa," Economic Modelling, Elsevier, vol. 28(3), pages 900-910, May.
    8. Augustin Kwasi Fosu, 2011. "Terms of Trade and Growth of Resource Economies: A Tale of Two Countries," CSAE Working Paper Series 2011-09, Centre for the Study of African Economies, University of Oxford.
    9. Eberechukwu Uneze, 2013. "The relation between capital formation and economic growth: evidence from sub-Saharan African countries," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 16(3), pages 272-286, September.
    10. Fosu, Augustin Kwasi, 2013. "Achieving Development Success: Strategies and Lessons from the Developing World," WIDER Working Paper Series 027, World Institute for Development Economic Research (UNU-WIDER).

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