International Monetary Fund. External Relations Dept.
This paper analyzes why the Middle East and North Africa (MENA) region has lagged in growth and globalization. Despite attempts to spur recovery and initiate structural reforms, many countries in the region remain on a slow growth path, effectively sidelined from globalization and the benefits of closer economic integration with the rest of the world. The benefits from oil failed to generate a sustained growth dynamic or bring about greater regional economic integration. The paper highlights that the slowdown in economic reforms is a key factor for the economic depression in the MENA region.
Articles in Finance and Development generally deal with the world’s economic problems as they appear to the generals in the operations room, or to senior officials in the field. In this series of articles, an attempt is made to give some glimpses of development as it affects the lives of the private soldiers of development.