Low Investment is Not the Constraint on African Development

42 Pages Posted: 18 Mar 2008

See all articles by Shantayanan Devarajan

Shantayanan Devarajan

World Bank Middle East and North Africa Region

William Easterly

New York University - Department of Economics

Howard Pack

University of Pennsylvania - Management Department; University of Pennsylvania - Business & Public Policy Department

Multiple version iconThere are 2 versions of this paper

Date Written: October 2002

Abstract

While many analysts decry the lack of sufficient investment in Africa, we find no evidence that private and public investment are productive, either in Africa as a whole (unless Botswana is included in the sample), or in the manufacturing sector in Tanzania. In this restricted sense, inadequate investment is not the major obstacle to African economic development.

Keywords: Africa, economic development, investment

Suggested Citation

Devarajan, Shantayanan and Easterly, William and Pack, Howard, Low Investment is Not the Constraint on African Development (October 2002). Center for Global Development Working Paper No. 13. Available at SSRN: https://ssrn.com/abstract=1106287 or http://dx.doi.org/10.2139/ssrn.1106287

Shantayanan Devarajan (Contact Author)

World Bank Middle East and North Africa Region ( email )

1818 H Street, NW
Washington, DC 20433
United States

William Easterly

New York University - Department of Economics ( email )

269 Mercer Street
New York, NY 10003
United States

Howard Pack

University of Pennsylvania - Management Department ( email )

The Wharton School
Philadelphia, PA 19104-6370
United States

University of Pennsylvania - Business & Public Policy Department ( email )

3641 Locust Walk
Philadelphia, PA 19104-6372
United States

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