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Theoretical and Applied Economics
Reference:

Economic growth and prospects for economic development of African countries southward Sahara

Ledeneva Marina Viktorovna

Doctor of Economics

Professor, the Department of Management and Commerce, Volgograd Branch of Plekhanov Russian University of Economics

400131, Russia, Volgogradskaya oblast', g. Volgograd, ul. Volgodonskaya, 11

mledenjova@yandex.ru
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Plaksunova Tatyana Alekseevna

PhD in Economics

Scientific Associate, the department of Scientific and International Activity, Volga Branch of Volgograd State University

404133, Russia, Volzhskii, ul. 40 Let Pobedy, 11

plaksunova.tatyana@mail.ru
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DOI:

10.25136/2409-8647.2020.2.32732

Review date:

25-04-2020


Publish date:

03-06-2020


Abstract.

This article is dedicated to analysis of the process of economic growth and development in African countries southward Sahara – the least industrializes region of the world. The main prerequisites for industrialization and economic growth in of African countries southward Sahara are the high urbanization ratios: the growing number of workforce, their qualification level, high portion of youth within the population structure, expanding domestic market, growing middle class, de-escalation of internal political confrontations and attenuation of cross-country armed conflicts, advancement of digital technologies. The information and empirical basis is comprised of the data of the United Nations Industrial Development Organization and the World Bank. The scientific novelty consists in determination of the points of growth in Africa southwards Sahara by means of application of the methods of statistical data analysis. The authors analyze the indicators of economic growth and industrialization of African countries southward Sahara, substantiate the increasing role of this region for the global economy. The article reveals spatial aspects of industrialization of African countries and allocation of the industrial production. The authorities of African countries must manage the industrialization processes, namely focus on the development of infrastructure, improvement of investment climate, transparency of legislation, reduction of administrative expenses for businesses, reduction of corruption, and prevention of armed conflicts. The regional integration would contribute to solution of the aforementioned issues. The key vectors in cooperation of African countries southward Sahara and Russia are the areas of oil extraction, energy sphere, information and communication technologies, and agriculture.

Keywords: direct foreign investments, Russian-African economic relations, Central Africa, South Africa, East Africa, West Africa, economic growth, industrialization, Sub-Saharan Africa, industrialization problems
This article written in Russian. You can find full text of article in Russian here .

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