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Explaining African Economic Performance

By P. Collier and J.W. Gunning

Abstract

Africa has had slow growth and a massive exodus of capital. In many respects it has been the most capital-hostile region. We review and interpret the aggregate-level and microeconomic literatures to identify the key explanations for this performance. There is a reasonable correspondence of the two sets of evidence, pointing to four factors as being important. These are a lack of openness to international trade; a high-risk environment; a low level of social capital; and poor infrastructure.AFRICA ; ECONOMIC GROWTH ; INVESTMENTS

OAI identifier: oai:RePEc:fth:oxesaf:97-2.1
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