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Growth, Investment, and Savings in the Arab Economies

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  • Amer Bisat
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    Abstract

    Sustaining a high rate of economic growth is the major policy issue facing the Arab economies. A detailed analysis of growth, investment, and savings for the period 1971-96, including through a growth accounting exercise, shows that increasing long-run growth requires improvements in both investment and domestic savings. In the past, the Arab region’s growth was overly reliant on volatile external sources of funding, and total factor productivity growth was too low. The paper discusses the policy priorities to overcome the legacy of poor growth.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 97/85.

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    Length: 36
    Date of creation: 01 Jul 1997
    Date of revision:
    Handle: RePEc:imf:imfwpa:97/85

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    1. Nehru, Vikram & Dhareshwar, Ashok & DEC, 1994. "New estimates of total factor productivity growth for developing and industrial countries," Policy Research Working Paper Series 1313, The World Bank.
    2. J. Bradford De Long & Lawrence H. Summers, 1990. "Equipment Investment and Economic Growth," NBER Working Papers 3515, National Bureau of Economic Research, Inc.
    3. John F. Wilson & Susan Fennell & Nigel Andrew Chalk & Mohamed A. El-Erian & Alexei Kireyev, 1997. "Kuwait," IMF Occasional Papers 150, International Monetary Fund.
    4. Masao Ogaki & Jonathan D. Ostry & Carmen M. Reinhart, 1996. "Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison," IMF Staff Papers, Palgrave Macmillan, vol. 43(1), pages 38-71, March.
    5. Maurice Obstfeld & Kenneth S. Rogoff, 1996. "Foundations of International Macroeconomics," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262150476, December.
    6. Alwyn Young, 1992. "A Tale of Two Cities: Factor Accumulation and Technical Change in Hong Kong and Singapore," NBER Chapters, National Bureau of Economic Research, Inc, in: NBER Macroeconomics Annual 1992, Volume 7, pages 13-64 National Bureau of Economic Research, Inc.
    7. Stanley Fischer, 1993. "The Role of Macroeconomic Factors in Growth," NBER Working Papers 4565, National Bureau of Economic Research, Inc.
    8. Michael Sarel, 1995. "Demographic Dynamics and the Empirics of Economic Growth," IMF Staff Papers, Palgrave Macmillan, vol. 42(2), pages 398-410, June.
    9. Young, Alwyn, 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 110(3), pages 641-80, August.
    10. Young, Alwyn, 1994. "Lessons from the East Asian NICS: A contrarian view," European Economic Review, Elsevier, Elsevier, vol. 38(3-4), pages 964-973, April.
    11. Mohamed A. El-Erian & Manmohan S. Kumar, 1995. "Emerging Equity Markets in Middle Eastern Countries," IMF Staff Papers, Palgrave Macmillan, vol. 42(2), pages 313-343, June.
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    Cited by:
    1. Samir Makdisi,Zeki Fattah and Imed Limam, . "Determinants of Growth in the Mena Countries," API-Working Paper Series 0301, Arab Planning Institute - Kuwait, Information Center.
    2. Xavier Sala-i-Martin & Elsa V. Artadi, 2002. "Economic growth and investment in the Arab world," Discussion Papers, Columbia University, Department of Economics 0203-08, Columbia University, Department of Economics.
    3. Auty, Richard M., 2001. "The political state and the management of mineral rents in capital-surplus economies: Botswana and Saudi Arabia," Resources Policy, Elsevier, Elsevier, vol. 27(2), pages 77-86, June.

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