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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Natural resources exports, diversification and economic growth of CEMAC countries: on the impact of trade with China
Authors:Diaw, DiadiéISNI
Lessoua, Albert
Periodical:African Development Review (ISSN 1467-8268)
Geographic terms:Central Africa
Subjects:Communauté Économique et Monétaire de l'Afrique Centrale
economic development
External link:https://onlinelibrary.wiley.com/doi/10.1111/j.1467-8268.2013.12023.x/pdf
Abstract:This paper deals with the dynamics of growth in the countries of the Economic and Monetary Community of Central Africa (CEMAC), focusing on external trade, in particular with China. Its aim is to shed light on the increasing influence of China in Africa. It uses dynamic panel estimations to measure the impact of trade orientation on economic growth in the CEMAC countries and concludes that specialization in natural resources affects economic growth negatively. But this effect is somewhat mitigated by the orientation towards China. Moreover, the weak intraregional trade between CEMAC countries has failed to contribute to their economic growth. The authors conclude that their results strongly confirm the weak trade complementarities among the CEMAC countries. For a better integration in the global economy, these countries should not count on forever relying on foreign demand but should also build sustainable regional growth through local trade. The leaders of the CEMAC need to identify ways to improve trade complementarities among the states and thus protect themselves from various crises like those of recent years, such as food shortages and the financial debacle. CEMAC countries must reconsider the nature of their exports in order to boost their international trade. They must implement export diversification strategies, integrating external relations in a better way. This will improve their regional and international competitiveness. The result of this study can be extended to other sub-Saharan countries having similar economic characteristics. Bibliogr., notes, sum. [Journal abstract, edited]