Economic growth in sub Saharan Countries
Introduction
Economic development in Sub Saharan countries have not progressed at the pace sought after to achieve a sound economic growth. In many of the Sub Saharan countries there has been only small changes in Gross National Product and in some cases the population growth has been higher or the same as the economic growth and a consequence have been an amplified population who is living under or just above the poverty line. There are numerous of economics and scientist that are researching the problem and trying to find a solution for economic growth and human development. In this essay there will firstly be introduced some central terms and definitions will be given. Secondly, statistical information will be given to illustrate the low economic and human development in the Sub Saharan countries. In the third part, there will be a discussion on and around the topic of economic models and the subject if they can explain why there has been almost a stagnant economic development. Further, the essay will look at the Millennium development goals and if economic growth has too bee achieved to reach the ambition set forward at the United Nations Millennium summit in 2000. Finally, a short summary will be given.
Definitions
During this report there will be used acronyms and economic terms and their definitions will follow. The first word the essay will look at is Gross Domestic Product. Gross Domestic Product (GDP) is defined by Todaro & Smith(2003, p797) as" the total final output of goods and services produced by the country's economy, within the country's territory, by residents and non residents, regardless of its allocation between domestic and foreign claims". Another variant of GDP is Gross National Product it ...