The Transformation of Growth into Development: Empirical Evidence for Sub-Saharan Africa
Domain:
socioeconomicRecord type:
paper
Creator:
Sim
Publisher:
IPS
Host:
The slow pace of economic development in sub-Saharan Africa has made "the transformation of economic growth into economic development" a critical phenomenon for empirical inquiry. This study examined the development impact of economic growth in sub-Saharan Africa, using stationary and cointegrated panel data of 42 sub-Saharan African countries from 2000 to 2023. The Pooled Mean Group (PMG)/Mean Group (MG) model was employed for data analysis. The result showed that economic growth had negative and statistically insignificant impact on economic development in sub-Saharan Africa. This indicated the presence of structural factors inhibiting the transformation of economic growth into economic development in the region. The study suggests that all countries of sub-Saharan Africa should consistently focus on policy-led initiatives that could overcome the inherent structural rigidities and coordination failures inhibiting the transformation of economic growth into economic development in the various countries of the region.
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