Global Growth Miracles and Disasters: A Comparative Regional Analysis (2016–2023)

Authors

  • Kemeshimi Victoria Omoatega 1Department of Economics, College of Management and Social Sciences, Glorious Vision University, Ogwa, Edo State, Nigeria.
  • Daniel C. Onyejiuwa Department of Economics, College of Management and Social Sciences, Glorious Vision University, Ogwa, Edo State, Nigeria.

DOI:

https://doi.org/10.5281/zenodo.18112418

Keywords:

Economic growth, GDP per capita, Growth miracles, Growth disasters

Abstract

This study investigates regional patterns of economic growth from 2016 to 2023, categorizing global economies into “growth miracles” and “growth disasters” using GDP per capita growth rates from the World Bank’s 2024 World Development Indicators. Employing descriptive statistics and comparative analysis, the research identifies South Asia and East Asia & Pacific as high-performing regions, largely driven by structural reforms, export-led strategies, and human capital investment. Conversely, Latin America, Europe & Central Asia, and parts of Sub-Saharan Africa experienced stagnation or contraction, linked to political instability, weak institutions, and limited diversification. The findings are interpreted through the Solow Growth Model, Endogenous Growth Theory, and the World Bank’s 3i Strategy, highlighting the critical roles of governance, innovation, and institutional quality. Policy recommendations focus on targeted investment in education, technological adoption, and macroeconomic stability to sustain high growth and mitigate economic decline.

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Published

2025-12-28

How to Cite

Omoatega, K. V., & Onyejiuwa, D. C. (2025). Global Growth Miracles and Disasters: A Comparative Regional Analysis (2016–2023). GVU Journal of Management and Social Sciences, 10(2), 53–65. https://doi.org/10.5281/zenodo.18112418

Issue

Vol. 10 No. 2 (2025): GVU Journal of Management and Social Sciences

Section

Articles

License

Copyright (c) 2025 Kemeshimi Victoria Omoatega, Daniel C. Onyejiuwa

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