What drives episodes of rapid #EconomicGrowth? 📈

In a new World Development paper, we investigate production factors that drive 156 #growthaccelerations since 1950, focusing on capital accumulation. 💰
https://www.sciencedirect.com/science/article/pii/S0305750X23001158

Contrary to conventional wisdom (e.g., China, Ethiopia), we find that investment-led episodes of rapid growth are unlikely. Aggregate productivity is the key driver of growth accelerations. #TFP

But capital accumulation is important to make growth episodes more sustained.