Globalization and Well-being in Sub-saharan Africa: A Cross-Country Multivariate Analysis.

Abstract

In recent times, a lot of facts have emerged showing that the improvement in well-being of the people in less developed countries is not without certain external factors, like the new globalization. To corroborate this fact, this paper examined the influence of globalization on the well-being of the people in Sub-Saharan Africa. The result obtained indicates that out of all the globalization components considered only direct foreign investment and democratic values have positive impact on the well-being of the people, while the other variables like official development assistance, intemational trade and access to Intemet do not; an indication that globalization still has much to do in improving the well-being of the people in the sub-region. For globalization to successfully improve the well-being of the people in the sub-region, measures such as the improvementin the nations domestic economic and social policies, formation of partnerships with advanced countries and an improvement in the existing regional integration and economic co-operation are suggested.