Abstract
In this article, we analyze extended periods of growth in Africa based on panel estimations from 27 African countries during 1960–96. Our main conclusion is that sustainable growth needs to be based on a balanced mix of capital accumulation, macroeconomic adjustment and structural change. In addition to more commonly used determinants of total factor productivity (TFP), we construct a measure for the effect of labor reallocation as well as an index of economic diversification and estimate the impact of the latter on long-term growth. Further we propose a framework for the analysis of extended growth periods, in view of assessing their sustainability.
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