By Diery Seck
The ebook offers a close research of the explanations of West Africa’s present financial high-growth episode and proposes how one can expand it sustainably. It examines the capability function of local integration in the course of the institution of a typical forex union and of different coverage suggestions that could increase fiscal progress. The authors recommend acceptable tools of coordination among macroeconomic coverage and industrialization to accomplish greater fiscal progress and in addition learn why pro-poor thoughts haven't been profitable. The ebook underscores the demanding situations and possibilities that would come up from the structural switch to the region’s economies due to the required funding in production exports, ICT and infrastructure, that are key autos for prolonged development. Readers will learn the way the area can larger achieve its developmental ambitions via securing and perpetuating political liberty and transactional freedom for all its voters.
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Extra resources for Accelerated Economic Growth in West Africa
Most of the countries in West Africa were at the same level with those in Asia in the 1950s, 1960s and 1970s; Nigeria, Ghana, Cote d’Ivoire, Senegal had similar growth rates with Singapore, Malaysia, Indonesia and Taiwan. During the late 1970s and early 1980s, Nigeria averaged a growth rate of 10 % yet the economy still remained underdeveloped. The economies in West Africa have enormous human and natural resources and at each episode growth has been driven by the rise in the price of export commodities.
The neo-classical growth model stresses why some countries are rich while others are poor with technology and factor accumulation as exogenous. The Romer growth model endogenizestechnology utilizing microeconomic foundations emphasizing that technology is not only the engine of growth but that it can also be derived within the economic system. Growth Without Development in West Africa: Is It a Paradox? 7) Source: ADB, Tunisia Notes: Current account/GDP (%) are in parenthesis Building from the Romer model of economic growth with the addition of technology transfer (Jones 2002), we endogenize the mechanism by which different economies achieve the ability to use various capital goods.
It is interesting to state that ‘skill’ is defined as the range of intermediate goods which an individual has learned to use. Individuals can make progress as the economy grows: h_ ¼ μeψ Aγ h1Àγ ð4Þ where μ ¼ the amount of time an individual spends accumulating skill instead of working, for example, years of schooling, μ > o A ¼ world technology frontier in an index of advanced capital goods invested; o<γ 1 Dividing both sides of Eq. (4) by h: γ A h_ ¼ μeψμ h h ðJÞ Equation (5) makes explicit the hidden assumption that it is difficult to learn to use an intermediate good that is currently close to the frontier.