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Shantayanan Devarajan is the World Bank’s Senior Director for Development Economics. Since joining the World Bank in 1991, he has been a Principal Economist and Research Manager for Public Economics in the Development Research Group, and the Chief Economist of the Human Development Network, and of the South Asia, Africa, and Middle East and North Africa Regions. Before 1991, he was on the faculty of Harvard University’s John F. Kennedy School of Government. Born in Sri Lanka, Devarajan received his B.A. in mathematics from Princeton University and his Ph.D. in economics from the University of California, Berkeley.
While many analysts decry the lack of sufficient investment in Africa, we find no evidence that private and public investment are productive, either in Africa as a whole (unless Botswana is included in the sample), or in the manufacturing sector in Tanzania. In this restricted sense, inadequate investment is not the major obstacle to African economic development.