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Borna Sanjesh Kimia Company
No. 164, Ataei Street, Jeyhoun Street, Azadi

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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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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Publication Information

Journal of Practical Business Law

ISSN: 2783-2899

Rose Scientific Publication
Melbourne, Australia

Director In-charge:
Seyed Mojtaba Mostafavi, Ph.D.

Justin Perry, Ph.D.

Executive Manager
Mehrdad Fallahi Barzoki, Ph.D.

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