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

  • Rabah Arezki
  • Mustapha K. Nabli

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 Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford in its series OxCarre Working Papers with number 086.

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Date of creation: 2012
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Handle: RePEc:oxf:oxcrwp:086
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  1. International Monetary Fund, 2007. "Ipo Behavior in Gcc Countries; Goody-Two Shoes or Bad-To-The-Bone?," IMF Working Papers 07/149, International Monetary Fund.
  2. Benedikt Goderis & Samuel W Malone, 2008. "Natural Resource Booms and Inequality: Theory and Evidence," OxCarre Working Papers 008, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
  3. Aghion, Philippe & Banerjee, Abhijit, 2005. "Volatility and Growth," OUP Catalogue, Oxford University Press, number 9780199248612, March.
  4. 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.
  5. Jeffrey D. Sachs & Andrew M. Warner, 1995. "Natural Resource Abundance and Economic Growth," NBER Working Papers 5398, National Bureau of Economic Research, Inc.
  6. Gylfason, Thorvaldur, 2001. "Natural resources, education, and economic development," European Economic Review, Elsevier, vol. 45(4-6), pages 847-859, May.
  7. Era Dabla-Norris & Jim Brumby & Annette Kyobe & Zac Mills & Chris Papageorgiou, 2012. "Investing in public investment: an index of public investment efficiency," Journal of Economic Growth, Springer, vol. 17(3), pages 235-266, September.
  8. 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.
  9. Rabah Arezki & Thorvaldur Gylfason, 2011. "Commodity Price Volatility, Democracy and Economic Growth," CESifo Working Paper Series 3619, CESifo Group Munich.
  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. International Monetary Fund, 2004. "Financial Sector Development in the Middle East and North Africa," IMF Working Papers 04/201, International Monetary Fund.
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