Factors Affecting Economic Growth in Africa: Are There any Lessons from China?
2014; Wiley; Volume: 26; Issue: 3 Linguagem: Inglês
10.1111/1467-8268.12105
ISSN1467-8268
Autores Tópico(s)Natural Resources and Economic Development
ResumoAfrican Development ReviewVolume 26, Issue 3 p. 468-493 Article Factors Affecting Economic Growth in Africa: Are There any Lessons from China? John C. Anyanwu, John C. AnyanwuLead Research Economist, Development Research Department, African Development Bank, BP 323, 1002 Tunis Belvedere, Tunis, Tunisia; e-mail: [email protected]. The views expressed here are those of the author and not those of the African Development Bank Group, its Board of Directors or the countries they represent.Search for more papers by this author John C. Anyanwu, John C. AnyanwuLead Research Economist, Development Research Department, African Development Bank, BP 323, 1002 Tunis Belvedere, Tunis, Tunisia; e-mail: [email protected]. The views expressed here are those of the author and not those of the African Development Bank Group, its Board of Directors or the countries they represent.Search for more papers by this author First published: 16 September 2014 https://doi.org/10.1111/1467-8268.12105Citations: 105 Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onEmailFacebookTwitterLinkedInRedditWechat Abstract Since generating sustained economic growth in Africa remains one of the most pressing challenges to development, it is imperative that Africa-specific determinants of economic growth are investigated. At the same time, in spite of recent slight slowdown, China's economic growth and its capacity to move in thirty years from underdevelopment and extreme poverty to an emerging global economic power had attracted the attention of many developing countries, including those in Africa. Some key questions arise: Can China serve as a growth model for Africa? And what lessons can we draw from the Chinese experience of soaring economic growth? We therefore investigate the determinants of economic growth in Africa (North and sub-Saharan Africa), using an Africa-only sample with five non-overlapping three-year averages of cross-sectional data between 1996 and 2010. We also do the same for China for the period, 1980 to 2010, while discussing recent trade, investment and aid/debt relations between Africa and China. Our results suggest that domestic investment, net ODA inflows, education, government effectiveness, urban population, and metal prices positively and significantly affect Africa's economic growth. For China, the key factors driving its economic growth are domestic investment, trade openness, initial income, and rural share of the population. Factors driving down China's growth include inflation rate, domestic credit to the private sector, net ODA inflows, population growth, telephone density, and oil and agricultural/raw materials prices. One key finding is that while Africa is almost twice as open as China, openness does not positively and significantly affect Africa's growth, unlike in China. A principal source is that Africa imports (mainly consumer goods) more than it exports while the reverse is true for China. 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