02115cas a2200265 a 4500 AALejournalIMF000603 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451972061 1934-7456 BD-DhAAL BD-DhAAL Khan, Mohsin. Africa : Is This the Turning Point? / Mohsin Khan, Stanley Fischer, Ernesto Hernandez-Cata. Washington, D.C. : International Monetary Fund, 1998. 1 online resource (26 pages) IMF Policy Discussion Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper examines the experience of Sub-Saharan Africa (SSA) to answer the question of whether the region is at a turning point in its economic fortunes. The improvement in growth reflects in part a rise in the utilization of existing capacity. To be sustained, however, a high rate of growth will require an increase in investment rates and/or an increase in total factor productivity-i.e., an improvement in the technological, political, administrative and economic factors that raise the rate of return on both capital and labor. The close link between investment and growth in developing countries over the long term is evident in the empirical growth literature. For developing countries in general, the elasticity of growth with respect to the investment/GDP ratio has been found to lie within the range of 0.3-0.5. Although increasing investment is crucial, action is also needed in many complementary areas in order to raise productivity and growth. Mode of access: Internet Fischer, Stanley. Hernandez-Cata, Ernesto. IMF Policy Discussion Papers; Policy Discussion Paper ; No. 1998/006 Full text available on IMF http://elibrary.imf.org/view/journals/003/1998/006/003.1998.issue-006-en.xml IMF e-Library