Natural Resources, Volatility, and Inclusive Growth: Perspectives From the Middle East and North Africa
IMF Working Papers, May 1, 2012
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- Natural Resources, Volatility, and Inclusive Growth: Perspectives From the Middle East and North Africa
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Bibliographic details
- Authors: Mustapha K. Nabli, Rabah Arezki
- Published: May 1, 2012
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781475503326.001
Overview
- Paper takes stock of the economic performance of resource rich countries in the Middle East and North Africa (MENA) over the past forty years.
- Authors: Mustapha K. Nabli, Rabah Arezki.
- Publication date: May 1, 2012.
- Core argument: Success of economic reforms in MENA depends on the ability to invest boldly in building inclusive institutions and high levels of human capacity in public administrations.
Key findings
- Income and growth
- Resource rich countries in MENA have maintained high levels of income per capita.
- Despite high income per capita, these countries have performed poorly when assessed beyond standard income measures.
- Resource rich countries in MENA have experienced relatively low and non inclusive economic growth.
- Volatility and macroeconomic performance
- Resource rich countries in MENA have experienced high levels of macroeconomic volatility.
- Public goods, health, and education
- Important improvements in health and education have taken place.
- The quality of the provision of public goods and services remains an important source of concerns.
Policy implications and recommendations
- Institutional and administrative capacity
- Invest boldly in building inclusive institutions.
- Develop high levels of human capacity in public administrations to support reform implementation.
- Reform success conditions
- Emphasize inclusiveness of growth as a central objective of reforms.
- Address macroeconomic volatility alongside structural reforms to improve outcomes beyond income per capita measures.
Subjects and keywords
- Subjects: Environment, Expenditure, Fiscal policy, Fiscal rules, Human capital, Labor, Natural resources, Public investment and public-private partnerships (PPP), Public investment spending.
- Keywords: country, curse literature, East Africa, Fiscal rules, GCC country, Human capital, inclusive growth, MENA country, MENA region, Middle East, Middle East and North Africa., Natural resources, North Africa, private sector, Public investment and public-private partnerships (PPP), Public investment spending, resource rich., volatility, WP.