Abstract
A decline in the world oil market, regional strife, and slow progress in instituting market–based reforms have caused real export earnings per capita to drop in the Middle East and North Africa. As populations in the region grow, per capita incomes will fall further unless nonoil sources of revenue are developed.
The next fifteen years will be critical to fulfilling the long–term potential of the Middle East and North Africa. For too long the countries in the region have relied on oil revenues — which are now declining — and resisted market–oriented reforms. Yet a far–reaching economic reorientation is essential if the region is to reap the benefits of a changing global economy. Exports must be diversified to secure additional foreign currency. Public sectors should shrink to foster private sector activity and increase competitiveness. Peace must be achieved to attract investment. Population growth rates must be brought under control. And regional and global integration should be used as a springboard for growth. The benefits of reform come quickly, as some countries in the region have learned. Countries that squander these opportunities risk being left behind in the twenty–first century.
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Riordan, E.M., Dadush, U., Jalali, J., Streifel, S., Brahmbhatt, M., Takagaki, K. (1998). The World Economy and its Implications for the Middle East and North Africa, 1995–2010. In: Shafik, N. (eds) Prospects for Middle Eastern and North African Economies. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-26137-6_2
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DOI: https://doi.org/10.1007/978-1-349-26137-6_2
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