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Economic Development in the Middle East

Author

Listed:
  • Yochanan Shachmurove

    (The City College of The City University of New York and the University of Pennsylvania)

Abstract

The economic and financial development are examined in Algeria, Egypt, Iran, Israel, Jordan, Kuwait, Lebanon, Morocco, Oman, Saudi Arabia, Syria, Tunisia, Turkey, United Arab Emirates, and Yemen, representing the Middle East and North Africa region. Lengthy bureaucratic procedures, unclear regulations, corruption, and heavy reliance on oil exports pose major obstacles to economic development and integration into global markets. These controlled economies directly affect foreign and domestic investments that are measured by five factors: Starting a Business, Hiring and Firing Workers, Enforcing Contracts, Getting Credit, and Closing a Business. This paper demonstrates that improvements in the standard of living will only be attained with fiscal and political reforms.

Suggested Citation

  • Yochanan Shachmurove, 2004. "Economic Development in the Middle East," PIER Working Paper Archive 04-022, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    • Handle: RePEc:pen:papers:04-022
    as

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    File URL: https://economics.sas.upenn.edu/sites/default/files/filevault/working-papers/04-022.pdf
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    References listed on IDEAS

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    1. Simeon Djankov & Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2002. "The Regulation of Entry," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(1), pages 1-37.
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    Full references (including those not matched with items on IDEAS)

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    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • F3 - International Economics - - International Finance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • N2 - Economic History - - Financial Markets and Institutions
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies

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