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Mr. George T. Abed and Mr. Hamid R Davoodi


The Middle East and North Africa (MENA) is an economically diverse region. Despite undertaking economic reforms in many countries, and having considerable success in avoiding crises and achieving macroeconomic stability, the region’s economic performance in the past 30 years has been below potential. This paper takes stock of the region’s relatively weak performance, explores the reasons for this out come, and proposes an agenda for urgent reforms.

International Monetary Fund


This paper reviews the exchange regimes of five emerging market countries in the Middle East and North Africa region-Egypt, Jordan, Lebanon, Morocco, and Tunisia-and one oil-exporting country-Iran-to see whether they need to consider adopting more flexible arrangements as they further open their economies to trade and capital flows.

Ms. Susan Creane, Mr. Ahmed Mushfiq Mobarak, Miss Randa Sab, and Rishi Goyal


In this study, the authors assess financial sector development in the MENA regionand propose several policy measures, which include reinforcing the institutional environment and promoting nonbank financial sector development, to enhance this sector’s performance.

Ms. Sena Eken, Mr. Mohamed A. El-Erian, Ms. Susan Fennell, and Mr. Jean-Pierre Chauffour


This paper provides an economic overview of the very diverse countries within the large geographical area. It highlights the economic challenges and opportunities facing the MENA region, the policies pursued by the countries in the region, and the outlook for the external environment. The paper concludes with eight policy recommendations.