JOURNAL OF SMART ECONOMIC GROWTH

INSTITUTIONAL CHALLENGES CONSTRAINING SMES PRODUCTIVITY GROWTH IN NIGERIA

2024-12-27T08:04:13+00:00

Small and medium-sized enterprises (SMEs) are crucial to Nigeria's economy, fostering entrepreneurship and innovation across industries, yet they encounter internal and external institutional barriers hampering their growth and productivity. This study investigates the impact of institutional challenges such as government bureaucracy, corruption, regulatory complexity, import limitations, etc., on the Nigerian SMEs, utilizing transaction costs and new institutional economic frameworks to identify barriers to SME productivity growth. Through a comprehensive review of literature and empirical studies, the research unveils the interconnected challenges facing Nigerian SMEs and their profound effects on economic development. At the national level, government bureaucracy, corruption, speech restrictions, and import limitations present significant hurdles to SME productivity, hindering operating efficiency, trust, and innovation. Regional assessments highlight diverse challenges across Nigeria, particularly in the North Central and South West regions, necessitating tailored interventions and strategic changes for a conducive business environment. The study concludes with recommendations to address institutional impediments and unlock the full potential of Nigerian SMEs, advocating for simplified regulatory frameworks, enhanced anti-corruption measures, and the promotion of government stability.

COINTEGRATION WITH STRUCTURAL BREAKS MONEY DEMAND, INCOME, INTEREST RATES AND EXCHANGE RATE MODELS:

2024-12-27T08:04:12+00:00

The study investigated the dynamic relationships between money demand, income, prices, real effective exchange rates, and the savings, lending, discount and deposit rates in Uganda using a modified ARDL model catering for cointegration and structural breaks. It was established that: cointegration with structural breaks existed in all cases; monetary policy is not effectively transmitted through lending rates but is effectively transmitted through the savings, deposit and discount rates in the short-run as well as the saving and deposit rate in the long-run; the exchange rate transmission channel is effective both in the short-run and in the long-run; after accounting for structural breaks, the equations for all the variables are stable except that for deposit rate which is partially stable; money demand has an inelastic positive effect on income in the long-run only, has an inelastic positive effect in the short-run but an elastic positive effect in the long-run on price; increasing the saving rate is a more effective means of increasing income in Uganda; and that the discount rate has a negative inelastic effect on money demand and income in the long-run. It is recommended that: continuous studies to determine the most effective monetary policy transmission channel(s) be conducted regularly by monetary authorities as a rule in all countries; and efforts to address the shortcomings devised on a continuous basis.

AN ASSESSMENT OF THE POTENTIAL OF HOT SPRING TOURISM IN LIMPOPO PROVINCE OF SOUTH AFRICA: A DELPHI STUDY.

2024-12-27T08:04:12+00:00

Abstract

Tourism is regarded as a modern-day engine of growth globally. Considering this, the South African government aims to increase tourism’s contribution, both directly and indirectly to economic growth. The economic growth fallout from COVID-19 affected many industries, including South Africa’s tourism sector. A decline in revenue from domestic (resident) visitors and inbound (non-resident) visitors, exacerbated by stringent travel restrictions, saw a fall in tourism trips, tourism-related expenditure, and employment The purpose of the study was to assess the sustainability of hot spring tourism in Limpopo Province regarding their competitiveness and potential to contribute to the economy of the country. The study employed a Delphi technique which is designed as a group communication process that aims to achieve a convergence of opinion on a specific real-world issue. The research developed a set of appropriate indicators that determines hot spring destination competitiveness. Data were collected through two sets of questionnaires administered and addressed to experts in the Limpopo Department of Economic Development and Tourism, academic staff in the Department of Tourism at the University of Venda, and tourism managers and practitioners in the tourism hot spring sector. From the findings of the study the strategies to make hot spring destinations competitive and sustainable as a tourism activity in the Limpopo Province is not strategized and regarded as of significant importance.

Keywords: Sustainability; Tourism; Destinations; Competitiveness and Indicators

MONETARY POLICY AND ECONOMIC GROWTH: EVIDENCE FROM TUNISIA USING ARDL BOUND TESTING APPROACH

2024-12-27T08:04:11+00:00

This study aims to assess the effectiveness of monetary policy in Tunisia by trying to identify the monetary policy effect on the economic growth rate, and for this purpose, ARDL approaches were used from annual data from the period 1987-2019. It appears from this study that the velocity of money (LV) and the interest rate (IR) at period zero (current period) had a significant and positive effect on growth in Tunisia, while net assets in currencies (LNAC) had an insignificant and positive effect on growth in Tunisia. Similarly, the results showed that the inflation rate (LINF) and the interest rate (IR) at a lag of two years (t-2) have a negative and significant effect on growth in Tunisia. Therefore, price stability is not conducive to the development of economic activity, but it simply allows the economy to maintain itself.

AN ASSESSMENT OF THE IMPACT OF MACROECONOMIC INDICATORS ON UNEMPLOYMENT RATE IN AFRICA: A CASE STUDY OF SOUTHERN AFRICAN ECONOMIES

2024-12-27T08:04:13+00:00

In recent years, unemployment has been a source of concern for African countries. Hence the objective of this investigation was to examine the influence of selected macroeconomic indicators on unemployment in South Africa, Botswana, Namibia, Lesotho, and Eswatini using annual panel data from 1990 to 2022. To ascertain the effects of the selected macroeconomic indicators, the investigation used the pool mean group (PMG) under the autoregressive distributed lag (ARDL) method. The variables in this investigation are unemployment rate, economic growth represented by gross domestic product (GDP), inflation, government expenditure, gross fixed capital formation and interest rate. The results reveal that government expenditure, interest rate and GDP have an inverse and significant impact on unemployment rate in the long run. In addition, gross fixed capital formation and inflation have a positive impact on unemployment rate in the long run but only the impact of inflation is significant. The analysis yielded the following policy suggestions: One of the remedies lies in the administration of South Africa, Botswana, Namibia, Lesotho, and Eswatini. By concentrating more on developing appropriate policies that alleviate the burden of high production costs for producers, such as absorbing a portion of these costs, governments can help prevent workforce reductions and maintain current employment levels, thus mitigating high unemployment rates. In addition, policymakers should develop policies or strategies to monitor the movement of gross domestic product and promote sustainable gross domestic product.