Military Expenditure and Economic Growth in Africa: A Cross Country Study of 48 States
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SSRN Electronic Journal
Abstract
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This study sought to explore the impact of military spending on Africa’s economic growth through an investigation of the status quo across 48 African states. OLS estimation technique is used to analyze cross sectional data; with a view to the two scenarios: low military spending and high military spending contexts. In both cases it is consistently found that high military spending is counter economic growth in Africa, this implying that African countries have to minimize military spending for pro-growth sectors finance.
Keywords
Military expenditure, Economic growth, Sub-Saharan Africa, Defence