Exploring the Nexus Between Economic Misery and Economic Growth: Insights from African Countries
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Author: Jagmohan Singh
Author Address: Assistant Professor of Economics, University Institute of Liberal Arts and Humanities, Chandigarh University Mohali-140 413 (Punjab)
Keywords: Africa, economic growth, economic misery, inflation, unemployment.
JEL Codes: C23, E24, E31, O40.
Abstract
Economic misery remained a chronic and persistent malaise in across African countries, reflecting the most palpable social and economic costs endured by the people in the guise of soaring cost of living, eroded purchasing power, inability to find a job, adverse conditions to earn and inadequate remuneration for the work done. This article examined the effect of economic misery on economic growth in a panel of 40 African countries between 1991 and 2023. It used panel regression models, namely the fixed effect model and the random effect model, to assess the impact of economic misery on economic growth. The findings of the study divulged that economic misery had a statistically significant and negative effect on economic growth in African countries. It was suggested that widespread economic misery prevailing across African countries should be curtailed through holistic policy interventions in order to accelerate economic growth.
Description
Indian J Econ Dev, 2025, 21(2), 252-260
https://doi.org/10.35716/IJED-24112