아세안

Abstract

It has been suggested that Africa’s growth is principally driven by natural resource rents. This is at variance with the growth in countries such as Korea and Taiwan where productivity has been identified as the main driver. In this study, the effect of energy consumption, investment, productivity on per capita growth in oil producing African countries is examined by employing a dynamic simultaneous panel data model. The simultaneous panel data model is able to examine the three-way causal relationship between energy consumption, productivity and economic growth. The results confirm the importance of income, productivity, price and investment influence the demand for renewable end non-renewable energy. The study recommends that there should be investment in productivity to enhance economic growth and minimize energy consumption.