Exploring Sub-Saharan African And East Asian Economic Growth And Development Dynamics: A Comparative Analysis.

The focus of this paper is on a comparative analysis of the dynamics of economic growth and development in sub-Saharan Africa and East Asia, with an analytical perspective on both regions, with a view to finding ways to scale up development in sub-Sahara Africa. In investigating this, the paper posits that in the 1950s and 1960s, several countries in Sub-Saharan Africa shared a similar development profile with many East Asian countries: a dynamic economic sector, characterized by high growth, driven by the agricultural economy. While many nations in sub-Saharan Africa adopted import substitution industrialization as the anchor of development agenda in the sub-region, the East Asian economies embraced a concept dubbed 'authoritarian developmentalism,' a phenomenon driven by export oriented strategies. In the view of paper the East Asian approach to development resulted in high economic growth sustained over the past several decades; furthermore the paper opined that the path to development in Asia has ushered in a period of unprecedented growth, allowing many nations in the region - Korea, Taiwan, Singapore and china and others - to become industrializing economies and as major players in the global market. The paper assert that on the other hand, a combination of bad policies and institutional failure has undermined growth in sub-Saharan Africa, particularly since the 1970s, accounting for the region's sustained economic underperformance; that the inability of most nations in the region to transform the economy has undermined sustained growth and development. The paper applies empirical data to examine the dynamics of economic growth and development in both regions and proffers pertinent recommendations featuring sustained economic reforms in sub-Saharan Africa necessary for economic growth and development, while drawing useful lessons aimed at replicating the export-oriented strategies of the East Asian economies. Sub- Saharan Africa is a region which features all African countries south of the Sahara desert. It features diversity in economic performance across the region with high economic growth volatility in the past few decade. On the other hand, East Asia is a region comprising nations with divergent economic trend over the past several decade. The region has produced the most spectacular economic growth in contemporary history , becoming richer than any other region in the world though both regions share a similar development profile characterized by high growth driven by the agricultural economy. Therefore, the problem this paper tries to find answers to is how can the policy makers across the Sub- Saharan Africa set the path of economic emancipation drawing from the East Asian experience. Arising from the foregoing preview, the paper attempts to do a comparative analysis between the growth and development dynamics between the Sub-Saharan Africa and the East Asian economies. [ABSTRACT FROM AUTHOR]