The Macroeconomic Drivers Of Economic Growth In Malawi
The Macroeconomic Drivers Of Economic Growth In Malawi
Author(s): Themba Gilbert Chirwa, Nicholaus M. OdhiamboSubject(s): Supranational / Global Economy, Recent History (1900 till today), Economic policy, International relations/trade, Economic development
Published by: Naučno društvo za promociju i unapređenje društvenih nauka AKROASIS
Keywords: Neoclassical; Open Economy Growth; Determinants of Development; Growth of Developing Countries;
Summary/Abstract: This paper examines the main macroeconomic drivers of economic growth in Malawi. The drivers are identified by examining the various development plans and reforms that Malawi implemented during the period 1970-2011. The examination concludes that the main macroeconomic drivers of economic growth in Malawi during this period were the accumulation of physical capital, human capital development, international trade, inflation and the real exchange rate. The examination also shows that country-specific development policies and institutions are important in identifying and influencing the macroeconomic factors of growth. Although Malawi has been able to identify the factors that would contribute to sustainable economic growth in its development policies, these factors were influenced by a number of structural challenges, such as low investment rates, inadequate investment in human capital, balance-of-payment problems, macroeconomic instability, and frequent policy reversals in the implementation of macroeconomic reforms.
Journal: Socioeconomica - Naučni časopis za teoriju i praksu društveno-ekonomskog razvoja
- Issue Year: 4/2015
- Issue No: 7
- Page Range: 67-82
- Page Count: 16
- Language: English