Ianchovichina, Elena2017-08-172017-08-172010-10https://hdl.handle.net/10986/27917This edition of the Middle East and North Africa (MENA) regional economic update shows that recovery in the region is below historical trends. Its economic prospects depend on global developments and continued strengths in emerging-market demand and oil price trends. Growth in the region is expected to average 4% in 2010, an increase of slightly less than 2 percentage points (pp) over growth in 2009 and weak compared to increases of 5.6pp in advanced economies and 4.5pp in developing nations. Only by 2011 and 2012 is MENA s growth expected to return to the average rates achieved prior to the economic and financial crisis. Recovery has been driven by the global economic rebound and, to varying degrees, by domestic stimulus. Industrial production, which in MENA is dominated by oil, has nearly reached its pre-crisis peak, largely due to the strong recovery in emerging markets, especially Asia. However, the upturn has weakened in recent months because the global slowdown has arrived sooner and is occurring faster than previously anticipated, and there are serious concerns about the sustainability of the global recovery. In response, MENA governments have continued to stimulate their economies in 2010, and even those that did not use any type of fiscal stimulus in 2009 have started implementing fiscal measures in 2010. The economic recovery in MENA has been much less vigorous than the recovery in countries that suffered sharp output contractions. The sustainability of the recovery in Gulf Cooperation Council (GCC) economies depends on developments in the rest of the world, and on the extent to which they affect oil markets. The outlook for the global economy and oil markets in the second half of 2010 remains uncertain, and a decline in oil prices cannot be ruled out.en-USCC BY 3.0 IGOACCOUNTINGADVANCED ECONOMIESAGRICULTURAL BANKARREARSASSETSBALANCE OF PAYMENTSBANK CREDITBANK CREDITORSBANK DEPOSITSBANKING SECTORBANKING SECTORSBANKING SYSTEMBASIS POINTSBILLBONDBOND ISSUESBOND MARKETSBOND SALESBOND SPREADSCAPITAL ADEQUACYCAPITAL FLOWSCAPITAL GOODSCAPITAL INFLOWSCASH PAYMENTSCDSCENTRAL BANKCENTRAL BANKSCOMMODITY PRICESCOMPETITIVENESSCONSUMER GOODSCORPORATE BONDCORPORATE DEBTCORPORATE DEBT MARKETSCORPORATE DEFAULTCREDIT AVAILABILITYCREDIT GROWTHCREDIT RECORDCREDIT SPREADSCREDITORCURRENT ACCOUNTCURRENT ACCOUNT BALANCECURRENT ACCOUNT DEFICITSCURRENT ACCOUNT POSITIONSCUSTOMS DUTIESDEBTDEBT BURDENSDEBT CRISISDEBT RELIEFDEBT RESTRUCTURINGDEBT SERVICINGDEBTORSDECELERATION IN GROWTHDEFAULT RATESDEFAULTSDEMAND GROWTHDEPOSITORDEPOSITSDEVELOPING COUNTRIESDISTORTIONSDOMESTIC GOODSDOMESTIC MARKETSDURABLEECONOMIC CRISISECONOMIC DEVELOPMENTSECONOMIC GROWTHECONOMIC SLOWDOWNEMERGING MARKETSEQUIPMENTEQUITY MARKETSEURO ZONEEUROBONDEXPENDITUREEXPENDITURE INCREASESEXPENDITURESEXPORT GROWTHEXPORT PERFORMANCEEXPORT SHAREEXPORTERSEXPOSUREEXTERNAL BORROWINGEXTERNAL DEMANDFINANCESFINANCIAL CRISISFINANCIAL FLOWSFINANCIAL INSTITUTIONSFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL SUPPORTFISCAL BALANCEFISCAL DEFICITFISCAL POLICIESFISCAL POLICYFOOD PRICEFOREIGN INFLOWSFOREIGN INVESTMENTFOREIGN INVESTMENTSFOREIGN RESERVESFREE CAPITALFREE TRADE AGREEMENTSGLOBAL DEMANDGLOBAL ECONOMYGLOBAL MARKETSGLOBAL SLOWDOWNGLOBAL TRADEGOVERNMENT BONDSGOVERNMENT BORROWINGGOVERNMENT DEBTGOVERNMENT FINANCINGGOVERNMENT GUARANTEEGOVERNMENT GUARANTEESGOVERNMENT SPENDINGGOVERNMENT SUPPORTGROWTH PERFORMANCEGROWTH RATESHOLDINGIMPLICIT GUARANTEESIMPORTIMPORT DEMANDIMPORT TARIFFSIMPORTSINCOME TAXINCOME TAXESINDEBTED COUNTRIESINFLATIONINFLATIONARY PRESSURESINFRASTRUCTURE INVESTMENTSINITIAL PUBLIC OFFERINGSINSURANCEINTEREST RATEINTEREST RATE POLICYINTEREST RATESINTERNATIONAL INVESTMENTINTERNATIONAL MARKETINTERNATIONAL RESERVESINVENTORIESINVENTORYINVESTMENT CLIMATEINVESTMENT EXPENDITUREINVESTMENT FUNDINVESTMENT SPENDINGISLAMIC FINANCEISSUANCELABOR FORCELABOR MARKETLABOR MARKETSLENDERLENDERSLENDING PORTFOLIOLETTERS OF CREDITLIQUIDITYLIQUIDITY CONSTRAINTSLIQUIDITY SUPPORTLOANLOAN GUARANTEELOAN GUARANTEESLONG-TERM INVESTMENTMACROECONOMIC MANAGEMENTMACROECONOMIC RISKMATURITIESMATURITYMONETARY FUNDMONETARY UNIONMORTGAGESNEGATIVE SHOCKSNONPERFORMING LOANSOIL DEMANDOIL EXPORTERSOIL EXPORTSOIL IMPORTERSOIL MARKETSOIL PRICEOIL PRICESOIL RESERVESOIL REVENUEOIL SUPPLYPENSIONPOLITICAL RISKSPORTFOLIOSPRICE CHANGESPRICE HIKEPRICE INCREASEPRICE INCREASESPRICE RISKSPRICE VOLATILITYPRIVATE CONSUMPTIONPRIVATE FINANCINGPRIVATE INVESTMENTPRIVATE SECTOR BANKPUBLIC INVESTMENTPUBLIC INVESTMENTSPUBLIC SAVINGPUBLIC SPENDINGREAL ESTATE LENDINGREAL EXCHANGE RATERECESSIONREGISTRATION FEESREGULATORY REFORMREMITTANCEREMITTANCESREPAYMENTRESERVERESERVE REQUIREMENTSRESERVESRETURNRISK AVERSIONRISK PREMIUMSSAVINGS BANKSSECURITIESSETTLEMENTSOVEREIGN DEFAULTSPARE CAPACITYSPOT MARKETSPOT PRICESTOCK MARKETSSTOCKSSTRUCTURAL REFORMSSUKUKSUPERVISION OF BANKSTAXTAX EXEMPTIONSTAX INCENTIVESTELECOMMUNICATIONSTRADE AGREEMENTTRADE CREDITTRADE CREDITORSTRADE LIBERALIZATIONTRADE SECTORSTRADE SHOCKTRADE SHOCKSTRADINGTREASURIESUNANTICIPATED SHOCKSUNCERTAINTIESUNCERTAINTYUNDERLYING ASSETUNEMPLOYMENT RATEUNEMPLOYMENT RATESWORKING CAPITALYIELD SPREADSReportWorld Bank10.1596/27917