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Natural Resources, Volatility, and Inclusive Growth: Perspectives from the Middle East and North Africa

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  • Rabah Arezki
  • Mustapha K. Nabli

Abstract

This paper takes stock of the economic performance of resource rich countries in the Middle East and North Africa (MENA) over the past forty years. While those countries have maintained high levels of income per capita, they have performed poorly when going beyond the assessment based on standard income level measures. Resource rich countries in MENA have experienced relatively low and non inclusive economic growth as well as high levels of macroeconomic volatility. Important improvements in health and education have taken place but the quality of the provision of public goods and services remains an important source of concerns. Looking forward we argue that the success of economic reforms in MENA rests on the ability of those countries to invest boldly in building inclusive institutions as well as high levels of human capacity in public administrations.

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Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 3818.

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Date of creation: 2012
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Handle: RePEc:ces:ceswps:_3818

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Keywords: natural resources; volatility; inclusive growth; Middle East and North Africa;

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References

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  1. International Monetary Fund, 2004. "Financial Sector Development in the Middle East and North Africa," IMF Working Papers 04/201, International Monetary Fund.
  2. Sami Bibi & Mustapha K. Nabli, 2009. "Income Inequality In The Arab Region: Data And Measurement, Patterns And Trends," Middle East Development Journal (MEDJ), World Scientific Publishing Co. Pte. Ltd., vol. 1(02), pages 275-314.
  3. Aghion, Philippe & Banerjee, Abhijit, 2005. "Volatility and Growth," OUP Catalogue, Oxford University Press, number 9780199248612, September.
  4. Gylfason, Thorvaldur, 2000. "Natural Resources, Education, and Economic Development," CEPR Discussion Papers 2594, C.E.P.R. Discussion Papers.
  5. International Monetary Fund, 2007. "Ipo Behavior in Gcc Countries," IMF Working Papers 07/149, International Monetary Fund.
  6. Sachs, J-D & Warner, A-M, 1995. "Natural Resource Abundance and Economic Growth," Papers 517a, Harvard - Institute for International Development.
  7. Benedikt Goderis & Samuel W. Malone, 2008. "Natural Resource Boom and Inequality: Theory and Evidence," CSAE Working Paper Series 2008-11, Centre for the Study of African Economies, University of Oxford.
  8. Rabah Arezki & Thorvaldur Gylfason, 2011. "Commodity Price Volatility, Democracy and Economic Growth," CESifo Working Paper Series 3619, CESifo Group Munich.
  9. International Labour Office, 2012. "Global employment trends 2012 : preventing a deeper jobs crisis," Global Employment Trends Reports 467984, International Labour Office, Economic and Labour Market Analysis Department.
  10. Arezki, Rabah & Ismail, Kareem, 2013. "Boom–bust cycle, asymmetrical fiscal response and the Dutch disease," Journal of Development Economics, Elsevier, vol. 101(C), pages 256-267.
  11. Zac Mills & Annette Kyobe & Jim Brumby & Chris Papageorgiou & Era Dabla-Norris, 2011. "Investing in Public Investment," IMF Working Papers 11/37, International Monetary Fund.
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