Africa rising? A historical perspective

This present study explores the extent to which financial inclusion influences the impact of trade liberalization on sustainable economic growth. The empirical studies on the effects of trade liberalization on sustainable economic growth are inconclusive. More importantly, how financial inclusion mediates the relationship between trade liberalization and sustainable economic growth remains unexplored. We address these research gaps by employing the quantile fixed effects-OLS regressions model on data spanning the period 2000 to 2021 for 48 SSA countries. The effect of trade liberalization on sustainable economic growth proves to be affected positively by financial inclusion, and the effect of financial inclusion on sustainable economic growth is positively strengthened by an increase in trade liberalization. The study shows that there is a causal relationship between trade liberalization, financial inclusion, and sustainable economic growth. Our study shows novelty in that the marginal effects on sustainable economic growth increase when trade liberalization interacts with financial inclusion in SSA.

To solve the active macroeconomic challenges of remittances, human capital flight, and brain drain facing Sub-Saharan Africa (SSA) from the perspective of costs and benefits tradeoffs for achieving Sustainable Development Goal eight (SDGs-8) targets by 2030 and the recipient communities’ wellbeing, this study investigates the sustainable economic growth in SSA: Do remittances, human capital flight, and brain drain matter? Autoregressive-Distributive Lag (ARDL) and the Error-Correction Mechanism (ECM) were used. Thus, this research is led by push–pull, altruism, and social network theories. The ARDL showed that remittances and trade positively affect economic growth. However, human capital flight, poverty, corruption, and inequality negatively affect economic growth. The co-efficient of ECTt−1 is ascertained to be negative (−0.266282) with a significant statistical value of 1% (i.e., 0.0123). Therefore, the annual requirement to restore equilibrium convergence is 26.62%. The study concludes that SSA may achieve their sustainable economic growth target, particularly by formalizing remittances and human capital flight and brain drain into the financial, economic system in SSA by 2030, since restoration to long-term convergence will take less than nine years. Enabling a labor market that offers decent work and wages, along with trade and remittance policies for sustainable growth, are recommended.

This study examines how innovations in financial technology are changing financial services in developing nations. The study focuses on how FinTech can improve financial inclusion by giving underserved groups access to financial services, thereby fostering sustainable economic growth. Through a qualitative analysis of case studies from Latin America, South Asia, and sub-Saharan Africa, the study investigates how platforms like Paystack, GCash, and M-Pesa have transformed financial access, and how they are encouraging entrepreneurship and raising living standards. However, it draws attention to issues like cybersecurity threats, regulatory gaps, and the digital divide, especially in rural areas. The results emphasise that strong policies, digital literacy initiatives, and infrastructure development are required to take full advantage of FinTech's potential for inclusive and sustainable growth. Policymakers, financial institutions, and FinTech entrepreneurs can learn from the study how to eliminate barriers to financial inclusion and promote sustainable economic growth in developing countries.

Analysis of energy consumption structure on CO[formula omitted] emission and economic sustainable growth

This study investigates the intervening role of technological innovation and regulatory quality in the financial sector–sustainable economic growth nexus in accordance with SDG‐8 in 38 sub‐Saharan African (SSA) countries from 1996 to 2020. The empirical model endogenizes government expenditure, structural change, foreign direct investment, and human capital as covariates. The study verifies and examines the hypothesis by adopting common correlated mean group, system generalized method of moments, and panel quantile regression. Findings reveal that financial development drives sustainable economic growth in SSA for the long‐run model with improved magnitudinal effects observed with the intervention of technological innovation and regulatory quality. Furthermore, both technological innovation and regulatory quality promote sustainable economic growth in SSA. Moreover, structural change, foreign direct investment and government are boosters for sustainable economic growth whereas military expenditure hinders the growth. Recommendations are made based on the findings.

The 2030 Agenda for Sustainable Development emphasises the quintessential role that energy plays in achieving the global sustainable development objectives. Renewable energy is vital to achieving many of the seventeen targets of Sustainable Development Goals. These, among others, include the ending of poverty; the ensuring of healthy lives and well-being for all; ensuring inclusive and equitable quality education for all; the promotion of sustained, inclusive and sustainable economic growth; and taking urgent action on combating climate changes and its impacts (goals 1, 3, 4, 8, and 13). With its high rate of lack of access to electricity, national governments in sub-Saharan Africa are, through energy policies, encouraging the utilisation of renewable energy resources to improve electricity access in the region. This paper examines the current trends in policy framework for energy in light of the feasibility and promotion of ensuring access to affordable, reliable, sustainable and modern energy to the rural population in Ghana. This paper argues that much of the emphases in promoting rural electrification in the policy framework should be put on educating the rural population on the benefits of having non-connected grid access to electricity. This will encourage its acceptance in those communities where the usefulness and significance of decentralised electrification from renewable energy sources are highlighted the most.

Workers represent half of the world’s population and are the major contributors to socio-economic development. Continued, sustainable socio-economic development is only possible if workers have a decent working environment. The headline for Sustainable Development Goal 8 is to ‘Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all’, while sub-goal 8.8 is to ‘Protect labour rights and promote safe and secure working environments for all workers’. However, globally millions of working men and women have poor and hazardous working conditions. Despite knowledge about effective interventions to prevent occupational hazards and to protect and promote health at the workplace, large gaps exist between and within countries regarding the health status of workers and their exposure to occupational risks. This chapter will describe present work environment situations in Sub-Saharan Africa through focusing on four important industries: floriculture, construction, mining and textiles. Actions are suggested for improvements while the importance of developing competence and knowledge on occupational health in these Sub-Saharan African countries are underlined. There must be increased awareness of dangerous workplaces as well as efforts to prevent occupational accidents and diseases.

The importance of agriculture in the economies of sub-Saharan African countries cannot be overemphasized. With agriculture accounting for about 65 percent of the region's employment and 75 percent of its domestic trade, significant progress in reducing hunger and poverty across the region depends on the development and transformation of the agricultural sector. Transforming agriculture from largely a subsistence enterprise to a profitable commercial venture is the prerequisite and driving force for accelerated development and sustainable economic growth in sub-Saharan Africa. The rationale behind the development of agribusiness indicators (ABIs) is to construct indicators for specific factors to support successful, effective private sector involvement in agriculture. The indicators can be used to benchmark and monitor performance in the agricultural sector over time and across countries. The resulting information can provoke knowledge flows and meaningful dialogue among policy makers, government officials, donors, private sector actors, as well as other stakeholders in the agricultural sector. This study is predicated on the fact that agriculture is the backbone of the economies of most countries in sub-Saharan Africa, including Kenya. The ultimate aim is to stimulate debate and dialogue among policy makers in specific African countries to engender change and reform in areas where investment is needed to leverage agribusiness and economic development. This study relied heavily on an extensive secondary data collection and literature review, supplemented by informal surveys to solicit information from a broad spectrum of stakeholders and actors in Kenya's agricultural sector. The review and interviews focused on the factors that the agribusiness indicators team determined to be the most critical for agribusiness development across sub-Saharan Africa, based on extensive scoping missions in three pilot countries (Ghana, Ethiopia, and Mozambique). This report is organized into following chapters: chapter one gives introduction; chapter two presents ABI methodology; chapter three presents findings on the success factors and indicators; and chapter four gives concluding remarks.

This study investigated the impact of the people category of the Sustainable Development Goals (SDGs) on sustainable and conventional economic growth in Asia and the Pacific region, using a sample of 52 selected countries between 2000 and 2023. Employing two distinct models, model A1 for conventional economic growth and model A2 for sustainable economic growth, we explained the relationships between five SDG indicators: employed poverty rate, stunted children, expenditure on health, expenditure of education, and % of women MNAs on economic growth. This study employed a fixed-effect model and random-effect model to investigate the impact of the people category SDGs on traditional and sustainable economic growth. The comparative analysis of each SDG in both models revealed valuable insights. SDG 1, “employed poverty rate”, has a positive impact on economic growth in both models, while SDG 2, “percentage of stunted child”, did not significantly influence economic growth in either model. Moreover, SDG 3 and SDG 4, relating to “government’s health expenditure per capita” and “government’s Education education expenditure per capita”, respectively, exhibited a positive impact on traditional and sustainable economic growth. Conversely, SDG 5, “percentage of women members of national parliament”, displayed an insignificant impact on traditional and sustainable economic growth models. In conclusion, this study suggests that policymakers should prioritize targeted interventions to alleviate employed poverty, enhance healthcare, and boost education spending. Moreover, promoting women’s representation in national parliaments should be approached with context-specific strategies to maximize its impact on economic growth.

This study aims to explore the impacts of ICT and innovation on sustainable economic growth and the direction of causal relationships among them in a trivariate framework. The study employed the DOLS and Panel VECM for causality to study the relationships for 33 Sub-Saharan Africa countries categorized based on income between 2000 and 2020. The study uses annual time-series data that were obtained from the World Development Indicators (WDI) database for the empirical analysis. Results from the DOLS show that both ICT development and innovation contribute positively to sustainable growth in all the categories of countries. However, the marginal effects of innovation on sustainable growth are very small compared to ICT development, especially for low-income countries. The VECM result confirms significant causal relationships among the studied variables in the short and long run. Policies should be geared toward channeling resources to enhance ICT skills, access, and usage in the continent. This can be achieved if organizations engaged in the SSA agenda for prosperity, provide the support needed to complement different governments’ efforts in advancing ICT penetration and innovation diffusion in the continent. Also, it is important for income groups to be considered when establishing and implementing such policies.

This study investigates the relationship between sustainable economic growth and foreign direct investment (FDI) in Saudi Arabia from 1980 to 2023. The ARDL approach and VECM technique are employed to analyze the short-run and long-run dynamics. The short-run results show mixed effects. Sustainable economic growth has a positive impact on current and one-period lagged FDI but a negative impact on the two periods lagged. Trade openness and infrastructure negatively affect FDI in the short run. Interestingly, oil rents and real economic growth also have negative short-run impacts on FDI, but these effects become positive with a longer lag. Long-run analysis reveals a negative relationship between trade openness, infrastructure, and oil rents with FDI, suggesting a potential crowding-out effect. Trade openness has a positive long-run impact on most variables, including sustainable growth, FDI, real growth, and CO2 emissions. Oil rents also have a positive long-run impact on these variables. This study finds six bidirectional causal relationships in the short run, primarily between trade openness, infrastructure, oil rents, and FDI. Unidirectional causality runs from oil rents, trade openness, exchange rate, sustainable growth, and real growth to FDI and infrastructure. Additionally, CO2 emissions cause FDI, and trade openness causes sustainable growth. While sustainable economic growth benefits FDI in the long run, short-term policies regarding trade openness and infrastructure require reevaluation. Oil revenue and real economic growth may initially deter FDI, but this reverses in the long term. To attract sustainable FDI, policymakers should focus on long-term economic growth strategies and consider reforms in trade and infrastructure policies. A comprehensive FDI strategy that moves beyond oil dependence and leverages trade openness is crucial to long-term economic diversification.

PurposeThe purpose of this paper is to examine the recent economic boom in Tennessee and the role of work-based learning WBL opportunities in contributing to this growth. The paper will analyze data from the U.S. Bureau of Labor Statistics to provide an overview of the changes in the labor force and employment in the state over the past ten years. Additionally, the paper will delve into the various WBL programs offered in Tennessee, such as K-12 Career and Technical Education (CTE), Tennessee Chamber Work-based Learning, and more, that are designed to provide individuals of all ages and stages with the skills and knowledge needed to succeed in the workforce. The paper will also discuss how the growth in WBL opportunities has led to an increasing need for new hires and how it could lead to the development of new industry in Tennessee. The paper aims to provide a detailed examination of the economic boom in Tennessee, and the impact of WBL opportunities on the development of local workforce and industry.Design/methodology/approachThe design of this paper is to analyze the recent economic boom in Tennessee and the role of work-based learning WBL opportunities in contributing to this growth. The methodology used in this paper is primarily a review of data from the U.S. Bureau of Labor Statistics to provide an overview of the changes in the labor force and employment in the state over the past ten years. Additionally, the paper will review the various WBL programs offered in Tennessee and their standards, to understand how they are designed to provide individuals of all ages and stages with the skills and knowledge needed to succeed in the workforce. The approach taken in this paper is an analytical one, where the data is analyzed to understand the trends and patterns in the labor market and the impact of WBL opportunities on the workforce. The paper also includes insights from relevant research studies and experts in the field to provide a comprehensive understanding of the subject.FindingsThe findings of this paper indicate that there has been a significant economic boom in Tennessee over the past decade, as evidenced by data from the U.S. Bureau of Labor Statistics. The data shows a consistent increase in the labor force and employment in the state, with a corresponding decrease in the unemployment rate. The paper also found that the growth in work-based learning WBL opportunities in Tennessee has played a significant role in contributing to this economic boom. The paper reviewed various WBL programs offered in Tennessee and found that they are designed to provide individuals of all ages and stages with the skills and knowledge needed to succeed in the workforce.Originality/valueThis paper brings an original perspective on the recent economic boom in Tennessee and the role of work-based learning WBL opportunities in contributing to this growth. By analyzing data from the U.S. Bureau of Labor Statistics, the paper provides an overview of the changes in the labor force and employment in the state over the past ten years, which has not been thoroughly examined in previous studies. Additionally, the paper delves into the various WBL programs offered in Tennessee, and how they are designed to provide individuals of all ages and stages with the skills and knowledge needed to succeed in the workforce, which is an original aspect of this paper. The paper also presents the original finding that the growth in WBL opportunities has led to an increasing need for new hires and could lead to the development of new industry in Tennessee. This paper provides an original and comprehensive examination of the economic boom in Tennessee and the impact of WBL opportunities on the development of local workforce and industry.

20 years of hard lessons

Digital finance is an innovative financial model of great significance for sustainable economic growth. By constructing indicators of sustainable economic growth, we explore the impact of digital finance on sustainable economic growth using the fixed effect model, mediating effect model, threshold regression model, and dynamic spatial Dubin model. The study finds that digital finance can drive sustainable economic growth, and the robustness and endogenous treatment results strongly verify this. Digital finance promotes sustainable growth mainly through technological innovation. In addition, with technological innovation and the development of renewable energy, there is a significant nonlinear relationship between digital finance and sustainable economic growth. Finally, the spatial spillover effect results show that digital finance's impact on sustainable economic growth has a positive effect, whether it is a direct effect or an indirect effect. This article provides possible ideas for digital finance to promote sustainable economic growth.

The Indonesian government policy in encouraging sustainable economic growth to reduce unemployment, poverty and inequality is threatened to fail, because economic growth does not reach targets and is not of quality. The purpose of this research is to explain the four pillars of growth and development namely; human capital, social capital, institutional economics and entrepreneurship as the main drivers of quality and sustainable economic growth. This research method used primary data on entrepreneurship and SMEs in the provinces of Central Java and Yogyakarta. The correlational form of recursive model path analysis was used as analytical method. The research results show the very strong role of human capital as the main key in driving economic growth both directly and indirectly. The existence of human capital and social capital will further encourage new economic institutions, furthermore new economic institutions will encourage the competitiveness of productive entrepreneurship and high, quality, and sustainable regional economic growth. The policy implication is that high, quality, and fundamentally sustainable economic growth must be built on the four main pillars basis namely; human capital, social capital, institutional and entrepreneurship in order to be more successful in reducing development problems; unemployment, poverty and income inequality.