Sustaining the Recovery in Times of Uncertainty

This 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.

Bibliographic Details

Main Author:	Ianchovichina, Elena
Format:	Report biblioteca
Language:	English en_US
Published:	World Bank, Washington, DC 2010-10
Subjects:	ACCOUNTING, ADVANCED ECONOMIES, AGRICULTURAL BANK, ARREARS, ASSETS, BALANCE OF PAYMENTS, BANK CREDIT, BANK CREDITORS, BANK DEPOSITS, BANKING SECTOR, BANKING SECTORS, BANKING SYSTEM, BASIS POINTS, BILL, BOND, BOND ISSUES, BOND MARKETS, BOND SALES, BOND SPREADS, CAPITAL ADEQUACY, CAPITAL FLOWS, CAPITAL GOODS, CAPITAL INFLOWS, CASH PAYMENTS, CDS, CENTRAL BANK, CENTRAL BANKS, COMMODITY PRICES, COMPETITIVENESS, CONSUMER GOODS, CORPORATE BOND, CORPORATE DEBT, CORPORATE DEBT MARKETS, CORPORATE DEFAULT, CREDIT AVAILABILITY, CREDIT GROWTH, CREDIT RECORD, CREDIT SPREADS, CREDITOR, CURRENT ACCOUNT, CURRENT ACCOUNT BALANCE, CURRENT ACCOUNT DEFICITS, CURRENT ACCOUNT POSITIONS, CUSTOMS DUTIES, DEBT, DEBT BURDENS, DEBT CRISIS, DEBT RELIEF, DEBT RESTRUCTURING, DEBT SERVICING, DEBTORS, DECELERATION IN GROWTH, DEFAULT RATES, DEFAULTS, DEMAND GROWTH, DEPOSITOR, DEPOSITS, DEVELOPING COUNTRIES, DISTORTIONS, DOMESTIC GOODS, DOMESTIC MARKETS, DURABLE, ECONOMIC CRISIS, ECONOMIC DEVELOPMENTS, ECONOMIC GROWTH, ECONOMIC SLOWDOWN, EMERGING MARKETS, EQUIPMENT, EQUITY MARKETS, EURO ZONE, EUROBOND, EXPENDITURE, EXPENDITURE INCREASES, EXPENDITURES, EXPORT GROWTH, EXPORT PERFORMANCE, EXPORT SHARE, EXPORTERS, EXPOSURE, EXTERNAL BORROWING, EXTERNAL DEMAND, FINANCES, FINANCIAL CRISIS, FINANCIAL FLOWS, FINANCIAL INSTITUTIONS, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL SUPPORT, FISCAL BALANCE, FISCAL DEFICIT, FISCAL POLICIES, FISCAL POLICY, FOOD PRICE, FOREIGN INFLOWS, FOREIGN INVESTMENT, FOREIGN INVESTMENTS, FOREIGN RESERVES, FREE CAPITAL, FREE TRADE AGREEMENTS, GLOBAL DEMAND, GLOBAL ECONOMY, GLOBAL MARKETS, GLOBAL SLOWDOWN, GLOBAL TRADE, GOVERNMENT BONDS, GOVERNMENT BORROWING, GOVERNMENT DEBT, GOVERNMENT FINANCING, GOVERNMENT GUARANTEE, GOVERNMENT GUARANTEES, GOVERNMENT SPENDING, GOVERNMENT SUPPORT, GROWTH PERFORMANCE, GROWTH RATES, HOLDING, IMPLICIT GUARANTEES, IMPORT, IMPORT DEMAND, IMPORT TARIFFS, IMPORTS, INCOME TAX, INCOME TAXES, INDEBTED COUNTRIES, INFLATION, INFLATIONARY PRESSURES, INFRASTRUCTURE INVESTMENTS, INITIAL PUBLIC OFFERINGS, INSURANCE, INTEREST RATE, INTEREST RATE POLICY, INTEREST RATES, INTERNATIONAL INVESTMENT, INTERNATIONAL MARKET, INTERNATIONAL RESERVES, INVENTORIES, INVENTORY, INVESTMENT CLIMATE, INVESTMENT EXPENDITURE, INVESTMENT FUND, INVESTMENT SPENDING, ISLAMIC FINANCE, ISSUANCE, LABOR FORCE, LABOR MARKET, LABOR MARKETS, LENDER, LENDERS, LENDING PORTFOLIO, LETTERS OF CREDIT, LIQUIDITY, LIQUIDITY CONSTRAINTS, LIQUIDITY SUPPORT, LOAN, LOAN GUARANTEE, LOAN GUARANTEES, LONG-TERM INVESTMENT, MACROECONOMIC MANAGEMENT, MACROECONOMIC RISK, MATURITIES, MATURITY, MONETARY FUND, MONETARY UNION, MORTGAGES, NEGATIVE SHOCKS, NONPERFORMING LOANS, OIL DEMAND, OIL EXPORTERS, OIL EXPORTS, OIL IMPORTERS, OIL MARKETS, OIL PRICE, OIL PRICES, OIL RESERVES, OIL REVENUE, OIL SUPPLY, PENSION, POLITICAL RISKS, PORTFOLIOS, PRICE CHANGES, PRICE HIKE, PRICE INCREASE, PRICE INCREASES, PRICE RISKS, PRICE VOLATILITY, PRIVATE CONSUMPTION, PRIVATE FINANCING, PRIVATE INVESTMENT, PRIVATE SECTOR BANK, PUBLIC INVESTMENT, PUBLIC INVESTMENTS, PUBLIC SAVING, PUBLIC SPENDING, REAL ESTATE LENDING, REAL EXCHANGE RATE, RECESSION, REGISTRATION FEES, REGULATORY REFORM, REMITTANCE, REMITTANCES, REPAYMENT, RESERVE, RESERVE REQUIREMENTS, RESERVES, RETURN, RISK AVERSION, RISK PREMIUMS, SAVINGS BANKS, SECURITIES, SETTLEMENT, SOVEREIGN DEFAULT, SPARE CAPACITY, SPOT MARKET, SPOT PRICE, STOCK MARKETS, STOCKS, STRUCTURAL REFORMS, SUKUK, SUPERVISION OF BANKS, TAX, TAX EXEMPTIONS, TAX INCENTIVES, TELECOMMUNICATIONS, TRADE AGREEMENT, TRADE CREDIT, TRADE CREDITORS, TRADE LIBERALIZATION, TRADE SECTORS, TRADE SHOCK, TRADE SHOCKS, TRADING, TREASURIES, UNANTICIPATED SHOCKS, UNCERTAINTIES, UNCERTAINTY, UNDERLYING ASSET, UNEMPLOYMENT RATE, UNEMPLOYMENT RATES, WORKING CAPITAL, YIELD SPREADS,
Online Access:	http://documents.worldbank.org/curated/en/223091468032338341/Sustaining-the-recovery-in-times-of-uncertainty https://hdl.handle.net/10986/27917
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