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Investment and Economic Growth


Received: 28 August 2021
Revised: 20 September 2021
Accepted: 15 October 2021

Mehran Hafezi Birgani, Reza Ghaderi Moghaddam

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Abstract

The current study intended to investigate the effect of foreign direct investment (FDI) on economic growth in Africa and provide an estimate of panel data on 50 African countries during 1980-2009 based on a dynamic panel data estimator (SYS-GMM)1 developed by Blundell and Bond (1998). The results of the present study indicated that foreign direct investment flow had a significant effect on economic growth in Africa during the research period. Furthermore, it found that low human resources did not restrict the effect of foreign direct investment and, subsequently, foreign direct investment had a significant negative effect on economic growth during 1980-1994 while it had a positive effect during 1995-2009.

Keywords: Foreign Direct Investment; Economic Growth; Investment Attraction Capacity; Panel Data.


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References

[1] Ostadi, H., Rafaat, B. & Raeisi, A. A. (2013). The role of foreign direct investment on Irans economic growth and the relationship between them. Journal of Economic Development Research, 9, 147-172.

[2] Pajooyan, J. (2006). Challenges of tax system in Irans economy. Journal of Parliament and Research, 11(45), 18-32.

[3] Dargahi, H. (2006). Factors affecting foreign direct investment development: lessons for Irans economy. Sharif scientific journal, 36, 109-156.

[4] Fadaei, M. & Kazemi, Sh. (2012). The effect of foreign direct investment on employment in Iran using ARDL method. Research on Economic growth and Development, 9, 71-84.

[5] Banks characteristics, state ownership and vulnerability to sanctions: Evidences from Iran

 

 


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Publication Information

Journal of Practical Business Law

 

ISSN: 2783-2899

Publisher

BSK Publication Co.

Melbourne, Australia

Director in charge

Dr. Alex K. Lobanov

Editor-in-Chief

Justin Perry, Ph.D.

Executive Manager

Mehrdad Fallahi Barzoki, Ph.D.

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