IDEAS home Printed from https://ideas.repec.org/a/bjc/journl/v11y2024i2p465-477.html
   My bibliography  Save this article

Can International Business and Entrepreneurship be the Catalysts for Economic Growth in Africa?

Author

Listed:
  • Joseph G. M. Lutta

    (University of Fujairah, Fujairah, United Arab Emirates)

Abstract

Innovative entrepreneurs are important actors in regional economies of Africa. There are enormous entrepreneurial opportunities in the global markets. The World Bank’s Global Economic Prospects for 2023 indicates that the global growth has eased, but remains robust, and is projected to reach 3.1 percent in 2018. Overall, growth in global trade of goods and services combined is expected to moderate to 4.3 percent in 2018, down from a six-year high of 4.8 percent in 2017. This projection has been revised upwards due to stronger-than-expected intra-regional trade growth in Asia and Africa as well as import-demand from major advanced economies. Global trade in goods and services is projected to rise to $27 trillion in 2030 from $10.3 trillion in 2015. Trade as a share of the global economy will increase from 1/4 to 1/3. Roughly half of the increase is likely to come from developing countries that will supply over 65 % of manufactured imports to rich countries, compared with 40% today. Some developing countries are expected to have growth rate over 6%, much higher than developed countries. When trade expands, technologies will rapidly diffuse to developing countries. The dominance of globalization is transferring to China, India and Brazil. The challenge of entrepreneurship is immense in Africa. The entrepreneur’s needs differentiation of exporting and the continent has to create its own regional clusters so as to enhance the competitiveness of its enterprises. Africa may have all the possible comparative advantages in certain industries but what is required is entrepreneurial actions. International business and entrepreneurship appear to be the catalysts for much of the expected economic growth in Africa.

Suggested Citation

  • Joseph G. M. Lutta, 2024. "Can International Business and Entrepreneurship be the Catalysts for Economic Growth in Africa?," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 11(2), pages 465-477, February.
  • Handle: RePEc:bjc:journl:v:11:y:2024:i:2:p:465-477
    as

    Download full text from publisher

    File URL: https://www.rsisinternational.org/journals/ijrsi/digital-library/volume-11-issue-2/465-477.pdf
    Download Restriction: no

    File URL: https://rsisinternational.org/journals/ijrsi/articles/can-international-business-and-entrepreneurship-be-the-catalysts-for-economic-growth-in-africa/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Alex Maritz, 2004. "New Zealand necessity entrepreneurs," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 1(3/4), pages 255-264.
    2. John Kuada, 2015. "Entrepreneurship in Africa – a classificatory framework and a research agenda," African Journal of Economic and Management Studies, Emerald Group Publishing Limited, vol. 6(2), pages 148-163, June.
    3. John McGee & Howard Thomas, 1986. "Strategic groups: Theory, research and taxonomy," Strategic Management Journal, Wiley Blackwell, vol. 7(2), pages 141-160, March.
    4. Michael C. Jensen, 2010. "The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 43-58, January.
    5. Paul M. Romer, 1989. "Increasing Returns and New Developments in the Theory of Growth," NBER Working Papers 3098, National Bureau of Economic Research, Inc.
    6. Peter Robson, 1993. "The New Regionalism and Developing Countries," Journal of Common Market Studies, Wiley Blackwell, vol. 31(3), pages 329-348, September.
    7. John Kuada, 2015. "Entrepreneurship in Africa – a classificatory framework and a research agenda," African Journal of Economic and Management Studies, Emerald Group Publishing Limited, vol. 6(2), pages 148-163, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mike Wright & Luc Renneboog & Tomas Simons & Louise Scholes, 2006. "Leveraged Buyouts in the U.K. and Continental Europe: Retrospect and Prospect," Journal of Applied Corporate Finance, Morgan Stanley, vol. 18(3), pages 38-55, June.
    2. A. A. Drakos & F. V. Bekiris, 2010. "Endogeneity and the relationship between board structure and firm performance: a simultaneous equation analysis for the Athens Stock Exchange," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 31(6), pages 387-401.
    3. J. Kiranmai & R. K. Mishra, 2019. "Corporate Governance Practices in Listed State-owned Enterprises in India: An Empirical Research," Indian Journal of Corporate Governance, , vol. 12(1), pages 94-121, June.
    4. Sang Cheol Lee & Mooweon Rhee & Jongchul Yoon, 2018. "Foreign Monitoring and Audit Quality: Evidence from Korea," Sustainability, MDPI, vol. 10(9), pages 1-22, September.
    5. Shaikh, Ibrahim A. & O'Brien, Jonathan Paul & Peters, Lois, 2018. "Inside directors and the underinvestment of financial slack towards R&D-intensity in high-technology firms," Journal of Business Research, Elsevier, vol. 82(C), pages 192-201.
    6. Marlin, Dan & Geiger, Scott W., 2015. "A reexamination of the organizational slack and innovation relationship," Journal of Business Research, Elsevier, vol. 68(12), pages 2683-2690.
    7. van de Klundert, T.C.M.J. & Smulders, J.A., 1991. "Reconstructing growth theory : A survey," Other publications TiSEM 19355c51-17eb-4d5d-aa66-b, Tilburg University, School of Economics and Management.
    8. Young, Michael N. & McGuinness, Paul B., 2001. "The missing link: why stock markets have been ineffective in Chinese SOE reform," Business Horizons, Elsevier, vol. 44(4), pages 55-62.
    9. Fu, Fangjian & Lin, Leming & Officer, Micah S., 2013. "Acquisitions driven by stock overvaluation: Are they good deals?," Journal of Financial Economics, Elsevier, vol. 109(1), pages 24-39.
    10. Tiantian Gu & Anand Venkateswaran, 2018. "Firm-supplier relations and managerial compensation," Review of Quantitative Finance and Accounting, Springer, vol. 51(3), pages 621-649, October.
    11. Omaima A.G. Hassan & Peter Romilly, 2018. "Relations between corporate economic performance, environmental disclosure and greenhouse gas emissions: New insights," Business Strategy and the Environment, Wiley Blackwell, vol. 27(7), pages 893-909, November.
    12. Anh Huu Nguyen & Thu Minh Thi Vu & Quynh Truc Thi Doan, 2020. "Corporate Governance and Stock Price Synchronicity: Empirical Evidence from Vietnam," IJFS, MDPI, vol. 8(2), pages 1-13, April.
    13. repec:bof:bofrdp:urn:nbn:fi:bof-201508181353 is not listed on IDEAS
    14. Chenini Hajer & Jarboui Anis, 2018. "Analysis of the Impact of Governance on Bank Performance: Case of Commercial Tunisian Banks," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 9(3), pages 871-895, September.
    15. Kuang, Yu Flora & Qin, Bo, 2009. "Performance-vested stock options and interest alignment," The British Accounting Review, Elsevier, vol. 41(1), pages 46-61.
    16. Cumming, Douglas & Siegel, Donald S. & Wright, Mike, 2007. "Private equity, leveraged buyouts and governance," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 439-460, September.
    17. Claus Dierksmeier, 2011. "The Freedom–Responsibility Nexus in Management Philosophy and Business Ethics," Journal of Business Ethics, Springer, vol. 101(2), pages 263-283, June.
    18. Charlie Weir & Oleksandr Talavera & Alexander Muravyev, 2011. "The Return on Human Capital: the Case of UK Non-executive Directors that are also Executive Directors," University of East Anglia Applied and Financial Economics Working Paper Series 029, School of Economics, University of East Anglia, Norwich, UK..
    19. Carlos Jiménez-Angueira & Nathan Stuart, 2015. "Relative performance evaluation, pay-for-luck, and double-dipping in CEO compensation," Review of Quantitative Finance and Accounting, Springer, vol. 44(4), pages 701-732, May.
    20. Theodore Syriopoulos & Michael Tsatsaronis, 2012. "Corporate Governance Mechanisms and Financial Performance: CEO Duality in Shipping Firms," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 2(1), pages 1-30, June.
    21. Daniel W. Elfenbein & Anne Marie Knott & Rachel Croson, 2017. "Equity stakes and exit: An experimental approach to decomposing exit delay," Strategic Management Journal, Wiley Blackwell, vol. 38(2), pages 278-299, February.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bjc:journl:v:11:y:2024:i:2:p:465-477. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Renu Malsaria (email available below). General contact details of provider: https://rsisinternational.org/journals/ijrsi/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.