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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.

Suggested Citation

  • Rabah Arezki & Mustapha K. Nabli, 2012. "Natural Resources, Volatility, and Inclusive Growth: Perspectives from the Middle East and North Africa," OxCarre Working Papers 086, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
  • Handle: RePEc:oxf:oxcrwp:086
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    Cited by:

    1. Huang, Yongfu & Quibria, M. G., 2013. "The Global Partnership for Inclusive Growth," WIDER Working Paper Series 059, World Institute for Development Economic Research (UNU-WIDER).
    2. Badeeb, Ramez Abubakr & Lean, Hooi Hooi & Clark, Jeremy, 2017. "The evolution of the natural resource curse thesis: A critical literature survey," Resources Policy, Elsevier, vol. 51(C), pages 123-134.
    3. Allegret, Jean Pierre & Benkhodja, Mohamed Tahar, 2015. "External shocks and monetary policy in an oil exporting economy (Algeria)," Journal of Policy Modeling, Elsevier, vol. 37(4), pages 652-667.
    4. Allegret, Jean-Pierre & Mignon, Valérie & Sallenave, Audrey, 2015. "Oil price shocks and global imbalances: Lessons from a model with trade and financial interdependencies," Economic Modelling, Elsevier, vol. 49(C), pages 232-247.
    5. Serranito, Francisco, 2013. "Heterogeneous technology and the technological catching-up hypothesis: Theory and assessment in the case of MENA countries," Economic Modelling, Elsevier, vol. 30(C), pages 685-697.
    6. repec:rnp:rpaper:repkz1 is not listed on IDEAS
    7. Kjurchiski, Nikola, "undated". "Public Administration Efficiency in Resource Economies," Published Papers nvg128, Russian Presidential Academy of National Economy and Public Administration.
    8. Apergis, Nicholas & Payne, James E., 2014. "The oil curse, institutional quality, and growth in MENA countries: Evidence from time-varying cointegration," Energy Economics, Elsevier, vol. 46(C), pages 1-9.
    9. Kaznacheev, Peter, 2013. "Resource Rents and Economic Growth: Economic and institutional development in countries with a high share of income from the sale of natural resources. Analysis and recommendations based on internatio," EconStor Research Reports 121950, ZBW - German National Library of Economics.
    10. AfDB AfDB, 2016. "North Africa - Working paper - The Role of Nascent Entrepreneurship in Driving Inclusive Economic Growth in North Africa," Working Paper Series 2336, African Development Bank.

    More about this item

    Keywords

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

    JEL classification:

    • D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances; Revolutions
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • Q33 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Resource Booms (Dutch Disease)

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