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The Nexus between Construction Investment and Economic Development: Evidence from MENA Countries

Author

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  • Hasan Murat Ertugrul

    (Economic Research Forum)

  • Burak Pirgaip

    (Hacettepe University)

Abstract

We aim at scrutinizing the relationship between construction investments and economic development for 10 greatest economies in the Middle East and North Africa (MENA) region,namely, Saudi Arabia, Turkey, Iran, United Arab Emirates, Egypt, Iraq, Qatar, Algeria, Kuwait, and Morocco, between 1970 and 2018. By employing second generation panel data modelling tools, we find that there is an inverted U-shaped pattern implying that the share of construction investments started to decline at some point in time as the economic growth reached a certain threshold. We argue that MENA countries should reconsider their construction-induced growth policies and incorporate alternative options supported by innovative and environmental-friendly technologies to attach much more importance to the role of construction in future economic development plans.

Suggested Citation

  • Hasan Murat Ertugrul & Burak Pirgaip, 2021. "The Nexus between Construction Investment and Economic Development: Evidence from MENA Countries," Working Papers 1476, Economic Research Forum, revised 20 Aug 2021.
    • Handle: RePEc:erg:wpaper:1476
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