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An Empirical Investigation into the Key Drivers of Economic Performance in the CEMAC Zone: A Panel Corrected Standard Errors Approach

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  • Fabien Sundjo
  • Fozoh Aziseh

Abstract

The economic performance of CEMAC countries is severely poor, when compared to other communities of the same region. It is on the bases of this background, that this paper purports to empirically investigate the potential key drivers of economic performance in the CEMAC zone. Specifically, the study attempts to scrutinise the effect of: (a) educational expenditure, (b) gross physical capital formation, (c) public health expenditures, and (d) private health expenditure on economic performance. To ascertain these objectives, data is sourced from the World Bank Development Indicators (WDI) of 2017 and used is made of both descriptive and inferential statistics. The Panel-corrected standard errors (PCSE) regression model was employed to test the objectives, due to its capacity to produce appropriate standard error estimates with very insignificant loss of efficiency. The empirical findings, among others suggested that, all forms of investments included in the model, significantly influenced the economic performance of countries in the CEMAC sub-region. Specifically, the results showed that educational expenditure and gross physical capital formation positively influence economic performance in the CEMAC zone. Intriguingly, public and private health expenditures negatively influence economic performance in the said zone. The policy implications of these findings suggest that, emphasis should be laid on increasing investment on government’s educational expenditure and gross physical capital formation in the CEMAC zone, if economic performance must be revived.

Suggested Citation

  • Fabien Sundjo & Fozoh Aziseh, 2018. "An Empirical Investigation into the Key Drivers of Economic Performance in the CEMAC Zone: A Panel Corrected Standard Errors Approach," International Journal of Business, Economics and Management, Conscientia Beam, vol. 5(6), pages 189-200.
  • Handle: RePEc:pkp:ijobem:v:5:y:2018:i:6:p:189-200:id:1201
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    Cited by:

    1. Williams Ohemeng & Kenneth Ofori-Boateng & Elvis Kwame Agyapong & Joseph Darmoe, 2023. "Environmental risk and growth in foreign direct investment: Is the composition of FDI in sub-Saharan Africa a speculative type?," Cogent Economics & Finance, Taylor & Francis Journals, vol. 11(2), pages 2243695-224, June.
    2. Jati Kasuma & Norlida Ismailly & Sara Ghaffari & Muhamad Saufi Che Rusuli & Abdul Hakim Abdul Gapor, 2019. "Environmental Factor, Education & Training and PPE Impact on Safety Performance: A Study Among Construction Workers at SESCO Sub-station, Balingian, Sarawak," Research in World Economy, Research in World Economy, Sciedu Press, vol. 10(2), pages 38-47, July.
    3. Djoko Roespinoedji & Roeshartono Roespinoedji & Mohammed R.A. Siam & Mohd Farid Shamsudin, 2019. "An Empirical Study on Short Term and Long-term Consequences of Crude Oil on Economic Wellbeing of Indonesia by Applying Autoregressive Distributed Lag Model," International Journal of Energy Economics and Policy, Econjournals, vol. 9(5), pages 474-480.
    4. Jean C. Kouam & Simplice A. Asongu, 2022. "The Relevance of an Optimal Policy Mix in the CEMAC zone," Working Papers 22/098, European Xtramile Centre of African Studies (EXCAS).
    5. Rexford Abaidoo & Elvis Kwame Agyapong, 2025. "Macroeconomic shocks, regulatory uncertainty, and the drive towards financial inclusiveness in emerging economies," International Economics and Economic Policy, Springer, vol. 22(1), pages 1-22, February.

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