Person:
Islam, Asif M.

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Last updated: December 19, 2024
Biography
Asif Islam is a senior economist for the Middle East and North Africa Region of the World Bank Group. His research focuses on private sector development. He has published in peer-reviewed journals on several dimensions of the private sector including entrepreneurship, technology, crime, informality, and gender. He has also published on fiscal policy, environment, and agriculture. He co-authored several reports including the World Development Report (2019) - The Changing Nature of Work, What's Holding Back the Private Sector in MENA? Lessons from the Enterprise Survey, and Uncharted Waters: The New Economics of Water Scarcity and Variability. He holds a PhD in Applied Economics from the University of Maryland-College Park, and a Bachelor’s degree in Economics and Computer Science from Macalester College.
Citations 65 Scopus

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  • Publication
    MENA Economic Update, April 2024: Conflict and Debt in the Middle East and North Africa
    (Washington, DC: World Bank, 2024-04-15) Gatti, Roberta; Bennett, Federico; Assem, Hoda; Lotfi, Rana; Mele, Gianluca; Suvanov, Ilias; Islam, Asif M.
    The global economy is in its third year of deceleration amidst declining inflation and oil prices. The MENA region grew at 1.9 percent in 2023 and is forecasted to grow at 2.7 percent in 2024. And for the first time since the pandemic, MENA oil exporters and importers will grow at similar rates. The tragedy of the conflict in the Middle East has increased uncertainty. Rising debt leaves many countries in the region exposed. This report unpacks the nature of debt in the region. Oil importers have been unable to either inflate or grow out of debt. Exchange rate fluctuations, and particularly stock flow adjustments (SFA) play a sizeable role. The report highlights the need to address debt transparency. Extrabudgetary items, especially for developing oil importers, need to be accounted for. Primary balances are key, but only to the extent that they capture the true state of government finances.