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Mohamed A. El-Erian and Ms. Susan Fennell

Abstract

Unprecedented opportunities have opened up for the countries of the Middle East and North Africa (MENA) region to transform their economies through accelerated economic growth. The opportunities are many and varied: prospects for continued rapid expansion of international trade; increasing globalization of world financial markets; closer economic links to the European Union; and an improved, although still very fragile, regional environment. The potential benefits to the region are enormous, but for the benefits to become reality the MENA countries themselves must ensure the necessary conditions.