Middle East and North Africa Economic Developments and Prospects, 2008 : Regional Integration for Global Competitiveness

During 2007 the Middle East and North Africa Region (MENA) experienced average growth of 5.7 percent. This was the fifth year in a row in which the region grew at a rate higher than 5 percent, exceeding levels reached in the 1990s and early 2000s. This performance occurred in the context of an external environment marked by three major developments: a continued rise in the price of hydrocarbons, turbulence in international financial markets following the sharp drop in market valuations of U.S. mortgage- backed securities, and a sharp rise in the price of non- oil commodities, especially foodstuffs. These developments have affected the various MENA economies in different ways. On average, however, the region has done well, with respectable growth and comfortable external and fiscal balances. Similar performance, that is, average growth of about 5.6 percent, is expected over the next three years. Oil prices are expected to remain buoyant, leading to high levels of investment and remittance flows within the region. Food prices are also expected to remain high. Because most countries in the region subsidize food and energy, high food prices will lead to fiscal pressures for many governments. But such pressures are not expected to choke off economic growth. Global financial turbulence and a likely slowdown of growth in the Organisation for Economic Co- operation and Development (OECD) countries are expected to be offset by continued robust spending among oilexporting countries and vibrant expansion in China and India.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2008
Subjects:	AVERAGE OIL PRICE, BALANCE OF PAYMENTS, BALANCE OF TRADE, BANKING SECTOR, BANKING SYSTEM, BILATERAL TRADE, BILL, BONDS, BUDGET DEFICIT, BUSINESS CLIMATE, CAPACITY CONSTRAINTS, CAPITAL FLOWS, CAPITAL INFLOWS, CAPITAL MARKET, CAPITAL MARKET INTEGRATION, CAPITAL MOVEMENTS, CAPITAL OUTFLOWS, COMMODITY MARKET, COMMODITY MARKETS, COMMON MARKET, COMMUNICATION TECHNOLOGY, COMPETITIVENESS, CONSUMER PRICE INDEX, CONSUMER PRICE INFLATION, COPYRIGHT CLEARANCE, COPYRIGHT CLEARANCE CENTER, CPI, CURRENCY, CURRENCY REGIME, CURRENT ACCOUNT, CURRENT ACCOUNT BALANCE, CURRENT ACCOUNT BALANCES, CURRENT ACCOUNT DEFICIT, CURRENT ACCOUNT POSITIONS, CURRENT ACCOUNT SURPLUS, DEBT, DEFICITS, DEMAND GROWTH, DEPRECIATION, DEVELOPING COUNTRIES, DIRECT FOREIGN INVESTMENT, DIVIDENDS, DOLLAR PEG, DOMESTIC CONDITIONS, DOMESTIC CONSUMPTION, DOMESTIC DEMAND, DOMESTIC ECONOMY, DOMESTIC PRICES, DRAG ON GROWTH, ECONOMIC ACTIVITY, ECONOMIC CONDITIONS, ECONOMIC DEVELOPMENTS, ECONOMIC ENVIRONMENT, ECONOMIC GROWTH, ECONOMIC LIBERALIZATION, EFFECTIVE EXCHANGE RATE, EMERGING MARKETS, EMPIRICAL ANALYSIS, EQUILIBRIUM, EQUITY MARKETS, EURO EXCHANGE RATE, EXCHANGE RATE APPRECIATION, EXCHANGE RATES, EXPENDITURES, EXPORT COMPETITIVENESS, EXPORT MARKETS, EXPORT REVENUES, EXPORT VOLUME, EXPORT VOLUMES, EXPOSURE, EXTERNAL BALANCE, EXTERNAL BALANCES, EXTERNAL POSITIONS, FACTOR MARKETS, FINANCIAL INSTITUTIONS, FINANCIAL SECURITY, FISCAL BALANCE, FISCAL BALANCES, FISCAL DEFICIT, FIXED INVESTMENT, FLEXIBLE EXCHANGE RATES, FOOD PRICE, FOOD PRICES, FOREIGN DIRECT INVESTMENT, FOREIGN INVESTMENT, FOREIGN INVESTMENTS, FOREIGN RESERVES, FREE TRADE, FREE TRADE AGREEMENT, FREE TRADE AGREEMENTS, FUTURE GROWTH, GLOBAL INTEGRATION, GOLD, GROWTH RATES, HARD CURRENCIES, HIGH-INCOME COUNTRIES, IMBALANCES, IMPORT, IMPORT DEMAND, IMPORT PROTECTION, IMPORT TARIFFS, IMPORTS, INCOME, INCOME GROUPS, INDUSTRIAL COUNTRY, INFLATION, INFLATION PERFORMANCE, INFORMATION SYSTEM, INTELLECTUAL PROPERTY, INTERNATIONAL CAPITAL MARKETS, INTERNATIONAL EMERGING MARKETS, INTERNATIONAL FINANCIAL MARKETS, INTERNATIONAL LABOUR ORGANIZATION, INTERNATIONAL MARKETS, INTERNATIONAL RESERVES, INVESTMENT OUTLAYS, INVESTOR CONFIDENCE, LABOR FORCE, LABOR FORCE GROWTH, LEVELS OF IMPORT, LEVELS OF INVESTMENT, LIBERALIZATION, LIQUIDITY, LIQUIDITY CONDITIONS, LOW-INCOME COUNTRIES, MACROECONOMIC MANAGEMENT, MACROECONOMIC PERFORMANCE, MACROECONOMIC STABILITY, MARKET CAPITALIZATION, MARKET CONDITIONS, MARKET POWER, MARKET PRESSURES, MARKET VALUATIONS, MIDDLE-INCOME COUNTRIES, MORTGAGE, MORTGAGE-BACKED SECURITIES, NATURAL RESOURCES, OIL COMMODITIES, OIL COMMODITY, OIL COMMODITY PRICES, OIL DEMAND, OIL EXPORT, OIL EXPORTERS, OIL EXPORTS, OIL MARKET, OIL PRICE, OIL PRICES, OIL REVENUES, OIL SUPPLY, OIL-EXPORTING COUNTRIES, OPEC, OUTPUT, OUTTURNS, POLICY MAKERS, POPULATION GROWTH, PORTFOLIO, PORTFOLIO FLOWS, PRICE INCREASES, PRICE INDEX, PRICE OF OIL, PRIVATE CONSUMPTION, PRIVATE INVESTMENT, PRODUCERS, PROPERTY RIGHTS, PURCHASING POWER, PURCHASING POWER PARITY, QUOTAS, RAPID GROWTH, REAL EFFECTIVE EXCHANGE RATES, REAL ESTATE, REGIONAL INTEGRATION, REGIONAL TRADE, REGIONAL TRADE AGREEMENT, REGIONAL TRADE AGREEMENTS, REGIONALISM, REGULATORS, REGULATORY REFORM, RELATIVE PRICE, REMITTANCE, REMITTANCES, SECTOR REFORMS, SECURITIES, SHORTFALL, SHORTFALLS, SLOWDOWN, STOCK MARKET, STOCK MARKETS, STRONG DEMAND, STRUCTURAL REFORM, STRUCTURAL REFORMS, SUPPLY SIDE, SURPLUS, SURPLUSES, SUSTAINABLE GROWTH, TARIFF REDUCTIONS, TERMS OF TRADE, TOTAL EXPORTS, TOTAL IMPORTS, TRADE ASSOCIATION, TRADE BALANCE, TRADE BALANCES, TRADE DEFICIT, TRADE INTEGRATION, TRADE POLICY, TRADE RESTRICTIVENESS, TRADE SURPLUS, TRANSPORTATION COSTS, TREASURY, UNCERTAINTIES, UNCERTAINTY, UNEMPLOYMENT, VALUE INDEX, WORLD DEMAND, WORLD DEVELOPMENT INDICATORS, WORLD TRADE,
Online Access:	http://documents.worldbank.org/curated/en/2008/01/16355668/middle-east-north-africa-region-2008-economic-developments-prospects-regional-integration-global-competitiveness https://hdl.handle.net/10986/12949
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