The Impact Of Inflation On Economic Growth In Sub-Saharan Africa Countries

Emma N'Kamara Conteh

doi:10.36948/ijfmr.2024.v06i06.31150

The Impact Of Inflation On Economic Growth In Sub-Saharan Africa Countries

Author(s)	Emma N'Kamara Conteh
Country	China
Abstract	ABSTRACT: One of the ways that countries encourage sustained economic growth and enhance the purchasing power of their domestic currency is by prioritizing price stability in their monetary policy. This research examines inflation's impact on economic growth in Sub-Saharan African nations. Furthermore, it investigates whether it promotes or hinders economic growth uniformly or behaves differently atypical levels. The study aims to offer detailed insights into the relationship between inflation and economic growth in Sub-Saharan African countries through empirical analysis. The research examines inflation's impact on economic growth in sub-Saharan African nations. All variables included in this research are derived from World Development Indicators. The dependent variable in this study is Economic Growth, represented as Gross Domestic Product per capita. The primary variable is inflation, whereas the supporting variables include trade, population growth, and gross capital formation. The study encompassed 21 Sub-Saharan African nations (Angola, Benin, Botswana, Burkina Faso, Burundi, Cabo Verde, Cameroon, Chad, Côte d'Ivoire, Gabon, Ghana, Guinea, Kenya, Madagascar, Mali, Mauritania, Mauritius, Namibia, Sierra Leone, Uganda, and Zimbabwe) for the period from 2008 to 2022. The study first utilized Ordinary Least Squares (OLS) before implementing Fixed Effects, Random Effects, and Generalized Least Squares (GLS). Empirical evidence indicates that inflation hinders economic growth in Sub-Saharan African nations. All models employed to assess the findings show a consistently significant negative effect on economic impact. The research recommends that policymakers always create policies to control inflation to at least a single digit, increase trade, control population growth, and improve gross capital formation.
Keywords	Key Words: Inflation, Economic, Growth, and Sub-Saharan Africa
Published In	Volume 6, Issue 6, November-December 2024
Published On	2024-11-22
Cite This	The Impact Of Inflation On Economic Growth In Sub-Saharan Africa Countries - Emma N'Kamara Conteh - IJFMR Volume 6, Issue 6, November-December 2024. DOI 10.36948/ijfmr.2024.v06i06.31150
DOI	https://doi.org/10.36948/ijfmr.2024.v06i06.31150
Short DOI	https://doi.org/g8r8kg

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The Impact Of Inflation On Economic Growth In Sub-Saharan Africa Countries

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