MENA Economic Update
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This report is produced two times per year, reporting on the recent economic developments and short term outlook of the Middle East and North Africa region. It is produced by the Chief Economist's office of the region (MNACE). These reports highlight a particular theme (such as fuel subsidies, service delivery, oil prices). This series was formerly known as MENA Economic Monitor, and before that, Middle East and North Africa Regional Economic Update, and combines with the series Middle East and North Africa Quarterly Economic Brief.
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Publication
Middle East and North Africa Economic Monitor, October 2018: A New Economy for Middle East and North Africa
(Washington, DC: World Bank, 2018-10)Growth in the Middle East and North Africa (MENA) region is projected to rebound to an average of 2% in 2018, up from an average 1.4% in 2017. The modest rebound in growth is driven mostly by the recent rise in oil prices, which has benefitted the region’s oil exporters while putting pressure on the budgets of oil importers. The rebound also reflects the impact of modest reforms and stabilization efforts undertaken in some countries in the region. The report forecasts that regional growth will continue to improve modestly, to an average of 2.8% by the end of 2020 while there is the ongoing risk that instability in the region could worsen and dampen growth. Despite recovery, the slow pace of growth will not generate enough jobs for the region’s large youth population. New drivers of growth are needed to reach the level of job creation required. The report offers a roadmap for unlocking the enormous potential of the region’s large and well-educated youth population by embracing the new digital economy. Broader and bolder reforms will be needed to achieve this goal, along with critical investments in digital infrastructure. It will require the reorientation of education systems toward science and technology, the creation of modern telecommunications and payments systems, and a private-sector driven economy governed by regulations that encourage rather than stifle innovation. -
Publication
Middle East and North Africa Economic Monitor, April 2018: Economic Transformation
(Washington, DC: World Bank, 2018-04-16)After a sharp fall in 2017, economic growth in MENA is projected to rebound to 3.1 percent in 2018, thanks to the positive global outlook, oil prices stabilizing at relatively higher levels, stabilization policies and reforms, and recovery and reconstruction as conflicts recede. The outlook for MENA remains positive, and the growth rebound is expected to gain momentum over the next two years, exceeding 3 percent in 2020. While stabilization policies have helped economies adjust in recent years, .a second phase of reforms is needed should be transformative if the region is to reach its potential and create jobs for hundred million young people who will enter the labor market in coming decades. In this report, we explore the role that public-private partnerships can play. not only in providing an alternative source of financing but in helping change the role of the state from the main provider of employment to an enabler of private sector activity. Studies have shown that the gap between MENA economies and fast-growing ones is the performance of the services sector. The disruptive technology offers new opportunities for boosting private-sector-led growth through enhancement of high-tech jobs in the services sector. The report argues that combining the region's fast-growing pool of university graduates and a heavy penetration of social media and smartphone, could serve as the foundation for a digital sector that could create much-needed private sector jobs for the youth over the next decade. -
Publication
Middle East and North Africa Economic Developments and Prospects, September 2011 : Investing for Growth and Jobs
(Washington, DC, 2011-09)The report highlights the important links between good governance on a level legal and regulatory playing field, and the ability of investment to stimulate growth. Investment in the Middle East and North Africa (MENA) region has been strong over the last two decades in comparison with Latin America and Eastern Europe. However, in the oil exporting countries, it has been primarily supported by large and expanding public investments. Oil importers, in contrast, have shown more strength in private investment, which has increased in recent years. A concern with reliance on public investment is that in economies with weak governance there is no evidence that public investment stimulates growth. In contrast, in countries with an adequate level of protection of property rights and legal institutions, public investment is strongly linked to growth. The report also makes a strong case for private investment in services and manufacturing as engines of job creation and income growth in the region. -
Publication
Middle East and North Africa Economic Developments and Prospects, January 2011 : Sustaining the Recovery and Looking Beyond
(Washington, DC, 2011-01)The impact of the global financial and economic crisis on the Middle East and North Africa region was relatively mild. Lack of integration and a large public sector helped insulate the region to some extent, but now these and other factors are slowing down the speed of its economic recovery. The report examines the major factors threatening the recovery and those that obstruct long-term growth – especially non-oil export growth, which in net terms contributed little to regional growth during the past decade, with non-oil exports remaining below potential in many countries in the region. The report emphasizes several major areas in need of policy makers’ attention, including restrictive trade policies, particularly those affecting trade in services; governance issues linked to uneven application of rules and regulations; inefficient and inflexible labor markets and scarcity of skills, innovation and technological capabilities.