Gross domestic savings in Africa averaged only 8 percent of GDP in the 1980s, compared to 23 percent for Southeast Asia and 35 percent in the Newly Industrialized Economies. Aside from being generally low, saving rates in most of Africa have shown consistent decline over the last thirty years....

The paper sheds light on the importance of the international dimension for African economic growth. While existing evidence points to a positive impact of openness on growth, the appropriate dynamics of the implications are yet to be captured. The beneficial effects of exports are confirmed for...