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 Rev. Fr. Moses Orshio Adasu University, Makurdi

JOURNAL OF ECONOMIC AND SOCIAL RESEARCH


Globalization, Human Capital Development and Economic Growth in ECOWAS Member States



Abstract

This research explores the interplay between globalization, human capital development, and economic growth in ECOWAS countries from 2018 to 2023. Utilizing panel data analysis and an Error Correction Model, the study investigates the impact of various aspects of globalization on economic growth and human capital development, as well as the influence of human capital on regional growth. The findings indicate that economic, social, and political globalization all positively contribute to economic growth, with economic globalization exerting the most substantial effect. Furthermore, globalization enhances human capital development, particularly through social globalization channels. Human capital development, in turn, significantly propels economic growth in ECOWAS countries. These outcomes underscore the importance of balanced globalization strategies and investments in human capital to drive economic development in West Africa. The study offers policy recommendations for ECOWAS governments to maximize the benefits of globalization, strengthen human capital, and foster sustainable economic growth in the region, and to establish a comprehensive economic monitoring system to track and analyze the real-time impacts of globalization on different sectors of the economy.


Key words: Economic Growth, ECOWAS, Globalization, Human Capital Development

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