Impact of foreign direct investments on economic growth in Africa: Evidence from three decades of panel data analyses |
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| Affiliation: | 1. Macroeconomic Policy and Development Division (MPDD), United Nations ESCAP, Bangkok, Thailand;2. University of Auvergne, CERDI, France;1. Technological Educational Institute of Western Macedonia, Koila, Kozani 50100, Greece;2. University of Macedonia, 156 Egnatia str., Thessaloniki 54006, Greece;1. Graduate Business School,College of Graduate Studies, Tenaga National University, Jalan IKRAM-UNITEN,43000 Kajang, Selangor,Malaysia;2. College of Administration and Economics, University of Baghdad,Iraq;1. Department of Finance, University of Ghana Business School, PO Box LG 78, Legon, Ghana;2. University of Stellenbosch Business School, PO Box 610, Bellville 7535, South Africa;3. University of Adelaide Business School, 10 Pulteney Street, Adelaide, SA 5005, Australia |
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| Abstract: | This paper examines the impact of foreign direct investment (FDI) on economic growth in Africa and presents estimations based on panel data of 50 African countries during the period from 1980 to 2009, and the system generalized method of moment (SYS-GMM) estimators as proposed by Blundell and Bond (1998). It finds that FDI inflows had a significant impact on economic growth in the African region during the period of interest. It also finds that while the low level of human resources did not limit the impact of FDI, and that the impact of FDI on economic growth was negative during the period from 1980 to 1994 and positive during the period from 1995 to 2009. |
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| Keywords: | Foreign direct investment Economic growth Absorptive capacity Panel data |
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