By Jeffrey B Nugent, Hashem Pesaran

This ebook is ready the center East and North Africa (MENA) sector. This quarter is mostly perceived as having skilled the main disappointing progress functionality during the last couple of a long time of any zone on the planet with the potential exception of Sub-Sahara Africa. regardless of the areas large endowment of common assets, its in keeping with capita source of revenue is usually seen as having stagnated. even as, so much economies of the zone were characterised by means of super excessive volatility, a purely partially brought on by the fluctuating cost of oil. MENA quarter has now not been as comprehensively coated as different areas of the realm (i.e., Latin the US, East Asia, South Asia and Sub-Sahara Africa). The prominence of the MENA zone within the international strength markets and the realm political procedure makes this an important learn. the subjects of curiosity are extensive ranging and numerous, starting from dictatorships, civil wars, terrorism and water shortages, to extra fiscal difficulties bobbing up from unstable oil costs, obstacles to alternate and international funding, dominance of public businesses, and occasional ability paintings forces.

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The first part provides thematic, overall views of a number of areas in the whole of the MENA region, while the papers in the second part focus on specific issues in specific countries. A brief summary of the chapters in the order of their inclusion is given below. The remainder of the volume begins with a chapter by Samir Makdisi, Zeki Fattah and Imed Limam that investigates the overall growth performance of the MENA region over the period 1960–2000 and discusses its various determinants. The authors argue that the growth performance in the region has been mixed, and characterized by a higher degree of volatility compared with the other regions in the world.

Nugent and M. Hashem Pesaran that focused on preparing students for public sector employment rather than private enterprises. These authors also find that within the MENA region, nonoil and diversified economies have fared much better than oil-exporting countries both in terms of output growth and TFPG. They also note that the degree of exposure to internal and external shocks, the extent of economic diversification and international competitiveness have been important in explaining variations in growth performance within the MENA region.

A figure below 1 indicates that the country is relatively an underachiever in attracting FDI whereas one above 1 may be interpreted as indicating overachievement in the same sense. Unfortunately, while such measures of FDI inflows can be obtained from individual OECD countries in many cases, information on flows from other MENA 12 Such effects, however, should be balanced by the fact that the very act of migration represents saving and investment, so that the remittances, even if taking the form of consumption, represent the return on these prior investments.

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