TITLE:
Role of Industrialization on Economic Growth: The Experience of Senegal (1960-2017)
AUTHORS:
Cisse Ndiaya, Kangjuan Lv
KEYWORDS:
Industrialization, Growth, Senegal, GDP, OLS
JOURNAL NAME:
American Journal of Industrial and Business Management,
Vol.8 No.10,
October
9,
2018
ABSTRACT: The aim of this study is
to contribute to the investigation of the impact of industrialization on
economic growth by analyzing the Senegalese manufacturing firms. The paper
utilized the secondary data drawn from the World Bank (WDI 2015) and the
National Agency of Statistic and Demography in Senegal (ANSD) and covered the period between 1960 and 2017. It will employ
the Ordinary Least Square (OLS) techniques in estimating the relationship
between industrial output, inflation rate, FDI, Foreign Exchange Rate and economic
growth, after which ADF unit root test was conducted using Breusch-Godfrey
serial correlation LM test and Breusch-Pagan-Godfrey heteroskedasticity test.
The econometric analysis has shown that the increase of industrial output will
increase economic growth in Senegal. Therefore, there is significant relationship between industrial
development and Senegalese economy growth. However, the result revealed that industrialization
will go a long way in stimulating economic growth. Based
on these results, we have recommended some policy measures in order to boost industrial
output by improving the overall productivity of all the sectors and ensure
sustainable development.