The Link Between Economic Growth And Human Development Essays

The Link Between Economic Growth And Human Development Essays

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The link between economic growth and human development has been a subject of rigorous empirical econometric work since the 1970s. Foreign Direct Investment (FDI), which is an important component of human development especially in modern regional and global economies, has been found to explain varying levels of return and economic growth.
Foreign Direct Investment is a major source of capital for most developed and developing countries. It is usually difficult for countries to generate capital through domestic savings and based on their domestic strengths and capacities alone. It is even more difficult to import up-to date technology from abroad taking into consideration issues of transportation and the technical expertise required for operation, let alone the risk and cost involved. The introduction of FDI has made this a lot easier for many countries around the world. Not only does FDI bring about the introduction of new technology, it also contributes to the general growth of a country’s economy.
Investing around 35 to 40 per cent of Gross Domestic Product every year increases economic growth by 7 to 8 per cent if not more. Many countries including the United States of America and China have seen a rapid growth in their economy as a result of the massive impacts of FDI’s.

It is clear that Foreign Direct Investment (FDI) is an integral part of an open and effective international economic system and a major catalyst to development. Being an integral part of that international economic system, Tanzania economy has been changing in recent past since the introduction of the mixed economy system especially with the structural adjustment policies that started to take place in early 1990’s. Many and outstanding milestones have been r...

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...FDI (Dunning, 1993). Furthermore, the relative importance of FDI determinants may change over time, for instance due to globalization. Factors that have been brought out as determinants of FDI in developing countries include political and macroeconomic stability, infrastructure quality, governance, regulatory environment openness to trade and investment promotion strategies (UNCTAD, 1998). However, it is important to note that even though these factors have been empirically proven to be FDI determinants, some determinants may apply to some regions but not others. For instance, on average, countries in Sub-Sahara Africa (SSA) receive less FDI than other regions by virtue of their geographical location (Asiedu, 2002). However, it is important to note that even when factors apply to a particular region, they may not be applicable to a specific country within that region.

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