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BALANCE OF PAYMENTS AND ECONOMIC GROWTH IN WEST AFRICA
Abstract:
This research study delves into the intricate relationship between balance of payments and economic growth in the West African region. Recognizing the pivotal role that international trade plays in shaping the economic landscape of West African nations, the research aims to unravel the dynamics and causal linkages between a country’s balance of payments position and its overall economic growth.
The investigation employs a comprehensive approach, incorporating both quantitative and qualitative analyses. Utilizing relevant economic indicators and statistical tools, the study seeks to establish the influence of trade balances, capital flows, and foreign exchange reserves on the economic growth trajectories of West African countries. Moreover, it takes into consideration the impact of external shocks, global economic trends, and regional economic integration initiatives on the balance of payments dynamics and economic growth.
Through empirical analysis and case studies of select West African nations, the research strives to identify the key determinants that contribute to a sustainable and positive balance of payments, thereby fostering robust economic growth. Additionally, the study explores policy implications and recommendations for policymakers in the region, aiming to provide insights that can guide the formulation of effective economic policies.
By shedding light on the intricate interplay between balance of payments and economic growth in West Africa, this research contributes to the existing body of knowledge and offers practical insights for policymakers, researchers, and stakeholders vested in the economic development of the region.
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