Have the Least Developed Countries Stepped on a Path of Fast and Inclusive Growth?

Аффилиация:
Professor, Chair, International Economic Relations of Asian and African Countries, Institute of Asian and African Studies, M.V. Lomonosov Moscow State University
member, Editorial Board, “Aziya i Afrika segodnya” journal
Адрес: Россия, Москва

Название журнала

Азия и Африка сегодня

Выпуск

Выпуск №7

Страницы

2-9

Аннотация

This paper, which is based on a series of author’s calculations and models, analyzes major trends, proportions and economic and social determinants and consequences of Least Developed Countries’ (LDCs’) economic growth during the last three to four decades. It is argued that despite gargantuan problems that LDCs are facing, a few dozens of them have recently started to progress on the path of rather fast and more or less sustained economic growth. Although LDCs are still grappling with severe forms of multidimensional poverty, substantial dearth of human capital and modern infrastructure, adequate economic, social, political and legal institutions, and encounter considerable foreign economic and climatic shocks, they on average during the last decade and a half managed to have markedly increased their rates of growth of per capita GDP and human development index. It should be underscored that LDCs having benefitted from significant improvement of barter terms of foreign trade, some upgrade in government effectiveness and implementation of a series of pragmatic economic reforms, have succeeded in expanding rates of growth of agricultural and manufacturing production and exports. The level of their gross capital formation has by and large considerably risen due to significant enlargement of the share of domestic savings related to GDP, FDI inflows and workers’ remittances. The author’s calculations show that much faster growth of GDP was achieved in LDCs with moderate level of income inequality and the rising level of the indicator of the rule of law. It would be incorrect to overemphasize the progress made by approximately three dozen LDCs (as the basis of their growth remains shaky), but, nevertheless, they have demonstrated noticeable improvement in dynamics of their investment efficiency and productivity growth.

Ключевые слова

least developed countries, inclusive growth, models, total factor productivity, augmented human development index, Gini coefficient, quality of institutions.

Получено

30.07.2018

Дата публикации

27.08.2018

Кол-во символов

20795

Цитировать

ГОСТ	Мельянцев В. А. Have the Least Developed Countries Stepped on a Path of Fast and Inclusive Growth? // Азия и Африка сегодня – 2018. – Выпуск №7 C. 2-9 [Электронный ресурс]. URL: https://asaf-today.ru/S032150750000091-2-1 (дата обращения: 02.05.2024). DOI: 10.31857/S032150750000091-2
MLA	Meliantsev, Vitalii A "Have the Least Developed Countries Stepped on a Path of Fast and Inclusive Growth?." Asia and Africa Today 7 (2018):2-9. DOI: 10.31857/S032150750000091-2
APA	Meliantsev V. (2018). Have the Least Developed Countries Stepped on a Path of Fast and Inclusive Growth?. Asia and Africa Today (7), pp.2-9 DOI: 10.31857/S032150750000091-2

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Дополнительные библиографические источники и материалы

1. Derived or calculated on the data from Poverty Headcount Ratio at $1,9 and $3,2 a day (2011 PPP) -
http://databank.worldbank.org (accessed 04.03.2018); UNCTAD. The Least Developed Countries, 2016. New York, 2016.
P. 19.
2. Calculated on the data from: UNCTAD. The Least Developed Countries, 2015. N.Y. Pp. 50, 55, 72-75; World DataBank
- http://databank.worldbank.org (accessed 04.03.2018)
3. Although the simple average for 6 LDCs (22 days to register a business) is comparable to the average for India, the PRC
and Indonesia (25 days), the figure for LDCs is more than three times higher than for the AEs. Data derived from The World
Bank. Doing Business, 2018. Washington, D.C., 2018. Pp. 146, 160, 175, 180, 198, 201; The World Bank. World Development
Indictors, 2003. Washington, D.C., 2003. Pp. 266-268; The Heritage Foundation. 2018 Index of Economic Freedom. N.Y., 2018.
Pp. 446-452; Fraser Institute. Economic Freedom of the World, 2017. Vancouver, B.C., 2017. Pp. 40, 63, 76, 131, 171.
4. Estimates are based on the following figures. According to data from the 2011 International Comparison Program, the
simple average of gross fixed capital formation, related to GDP, in PPPs (in ‘real terms’) and in nominal terms for the three most
populous LDCs made up 19,9 and 25,9% respectively (in Bangladesh - 24 and 28,3%, in Congo D.R. - 18,2 and 23,6%, in
Ethiopia - 17,5 and 25,9%). For the three most populous ODCs the corresponding figures were equal to 32,9 and 36,2% (in 2011
this indicator amounted to 42,4 and 45,6% of GDP - for the PRC, 24,7 and 30,9% - for India and 31,6 and 32% - for Indonesia).
See: The World Bank. Purchasing Power Parities and the Real Size of World Economies. A Comprehensive Report of the 2011
International Comparison Program. Washington, D.C., 2015. Pp. 42-73.
5. Calculated on the sources from figure 1 and UNDP. Human Development Report, 2016. N.Y., 2016. P. 269.
6. Calculated on the data from Fragile States Index 2017 - http://fundforpeace.org/fsi/data/ (accessed 12.04.2018; World
Governance Indicators - http://info.worldbank.org/governance (accessed 12.04.2018)