Details — Empirical Analysis of the Role of Technology in Africa's Economic Growth with Professor Onyeiwu — September 30
| Date: 9/30 | Time: Noon – 1:15 p.m. |
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Faculty Seminar with Professor Onyeiwu
Friday, September 30, Noon – 1:15 p.m.
Quigley #220, Pizza for lunch!
Professor Onyeiwu will present “Empirical Analysis of the Role of Technology in Africa’s Economic Growth,” where he will share the highlights and conclusions from his Fulbright experience. All are welcome to attend.
Studies have shown that economic growth in Sub-Saharan Africa (SSA) has not been sustainable, transformative, and inclusive. This is very perplexing, considering that resource-poor East Asian countries have not only achieved high growth rates, but have done so while alleviating poverty and becoming major players in the global economy. Despite the recognition that technology was very instrumental in the success of East Asian countries, there have been few empirical studies that focus on how technology drives economic growth in SSA. Based on a sample of 41 SSA countries and time series data for the period 2005-2020, this paper uses the Generalized Method of Moments (GMM) estimation technique to investigate whether technological capability plays an important role in SSA’s economic growth. Results from the empirical analysis suggest that technology, investment in physical capital, macroeconomic and political stability are important determinants of growth in SSA. The paper suggests that SSA countries should intentionally strengthen their technological capabilities, to leverage new opportunities in emerging frontier industries, foster inclusive growth, and be adequately prepared for the fourth industrial revolution.