WORKING PAPER

Low Investment is Not the Constraint on African Development - Working Paper 13

by
Shantayanan Devarajan
,
William R. Easterly
and
Howard Pack
July 13, 2005
While many analysts decry the lack of sufficient investment in Africa, we find no evidence that private and public investment are productive, either in Africa as a whole (unless Botswana is included in the sample), or in the manufacturing sector in Tanzania. In this restricted sense, inadequate investment is not the major obstacle to African economic development.

CITATION

Devarajan, Shantayanan, William R. Easterly, and Howard Pack. 2005. Low Investment is Not the Constraint on African Development - Working Paper 13. Center for Global Development.

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