This study investigated the effect of international tourism development on economic growth in Zimbabwe, using time series data spanning over the period 1980 to 2017. The main aim of the study was to examine whether international tourism is a pathway to economic recovery in Zimbabwe. The study adopted the tourism growth model proposed by Balaguer and Cantavella-Jorda [1] and applied the Autoregressive Distributed Lag (ARDL) bounds testing approach and its associated Error Correction Model (ECM). The direction of causality between international tourism and economic growth was examined using the Granger causality test in an error correction framework. The findings of the study show that the Tourism-led Growth Hypothesis (TLGH) is valid both in the short-run and long-run while the Economic-Driven Tourism Growth Hypothesis (EDTGH) is valid in the long-run only. This implies that the resource allocation strategy for the Government of Zimbabwe should prioritize both international tourism and economic expansion. The study, therefore, recommends that the Government of Zimbabwe should allocate resources towards supporting the tourism sector to stimulate economic growth in the country. On the other hand, the study, guided by the validity of the EDTGH in the long run, suggests that the Government of Zimbabwe should also consider allocating resources to other sectors currently driving the economy, for example, the agriculture and manufacturing sectors; as this will stimulate economic expansion in the long run.

There are hosts of dynamics contributing to financial inclusion. These sources may be both from the demand side and supply side. The government and financial institutions use several policy initiatives to encourage the supply of financial services to the excluded sector. However, the demand-side factors of financial access have attracted little focus. This study provides an overview of sources of financial inclusion and highlights the policy measures from the perspective of consumers of financial services – also known as the demand-side. The secondary series data were estimated using the ordinary least square method. The findings of the study indicate that economic growth and the number of internet users exert a positive and significant effect on financial access in East Africa. On the other hand, the result indicates that the deposit interest rate was insignificant. The study recommends the deposit interest rate be made attractive to promote continuous saving and access to loanable funds in the financial market. The policy strategies therefore should be aimed at cultivating a conducive financial system that upholds financial access-demand-driven rates to stimulate financial growth.

Inclusive financial systems in any economy cannot be ignored. In fact, it has become a policy strategy in many governments around the world, including East Africa region economies – Kenya, Uganda and Tanzania. Using panel data, this study presents a cross country analysis of the variables that determine financial inclusion levels with a key focus on economic growth through demand leading hypothesis. The study sought to test if economic expansion matters in financial inclusion in East Africa for the period 2006-2019. Panel ordinary least squares regression technique and fixed effect estimation method were adopted during the analysis. Following the findings of the study, economic growths depict a considerable influence on the financial access rate in East Africa. The corroboration presented by this study may help the respective countries to adopt policies that focus on improving financial inclusion levels through sustained economic growth.

Exchange rate volatility and declining capital inflow are important policy issues that inform macroeconomic policies and strategies of developing countries. Most developing economies have small potential resource base, faces foreign exchange volatility and limited market of agricultural products, thus investigating the role of capital flight is significant for these states. Cognizant of this, the study will try to answer the paradox of capital outflow and exchange uncertainty. The research will investigate the influence of exchange rate differential on capital flight in East Africa economies for the year 1988-2018 using panel secondary data. The empirical analysis was guided by investment creation theorem. The study adopted ordinary least squares estimation to analyse the relation between the study variables. The study estimations has identified that exchange rate positively influences capital outflow in East African states. The positive effect of currency change on capital outflow implied that capital outflow was sensitive to currency depreciation. Accelerated currency devaluation erodes domestic investors confidence to hold local currency, citizens will likely move to foreign markets and assets to avoid negative effect of devaluation. Government policymakers should pursue strategies and policies that can slow currency uncertainty in order to tame capital outflow. These policies and strategies include fostering of both fiscal and monetary disciplines and good governance.

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