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Middle East and Central Asia > Saudi Arabia

You are looking at 1 - 6 of 6 items for :

  • Type: Journal Issue x
  • Agricultural and Natural Resource Economics; Environmental and Ecological Economics: General x
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Cover IMF How To Notes
How to Adjust to a Large Fall in Commodity Prices
Mr. Paulo A Medas
,
Ms. Veronique Salins
, and
Mr. Jeff Danforth
Resource-rich countries have to manage highly volatile commodity revenues. In periods of revenue booms there is a tendency for large spending scale-ups. When facing large and persistent reductions in commodity prices, some of these countries will need to adjust their budgets to the new reality. In many cases, overall surpluses turn into large fiscal deficits and borrowing costs tend to rise with the fall in commodity prices. This note discusses how to undertake large fiscal adjustments, which often tend to be protracted and with long-lasting impacts on growth. Consequently, the note also highlights how to better prepare for future booms and busts in commodity prices.
Keywords:
FADHTN; HTN; commodity; price; revenue; budget; commodity resource; commodity revenue; price fluctuation; revenue windfall; impact of commodity price booms; revenue boom; challenges facing commodity exporter; commodity exporter; revenue potential; resource boom; Fiscal consolidation; Commodity prices; Natural resources
Cover IMF Working Papers
Natural Resource Booms in the Modern Era: Is the curse still alive?
Mr. Andrew M. Warner
The global boom in hydrocarbon, metal and mineral prices since the year 2000 created huge economic rents - rents which, once invested, were widely expected to promote productivity growth in other parts of the booming economies, creating a lasting legacy of the boom years. This paper asks whether this has happened. To properly address this question the empirical strategy must look behind the veil of the booming sector because that, by definition, will boom in a boom. So the paper considers new data on GDP per person outside of the resource sector. Despite having vast sums to invest, GDP growth per-capita outside of the booming sectors appears on average to have been no faster during the boom years than before. The paper finds no country in which (non-resource) growth per-person has been statisticallysignificantly higher during the boom years. In some Gulf states, oil rents have financed a migration-facilitated economic expansion with small or negative productivity gains. Overall, there is little evidence the booms have left behind the anticipated productivity transformation in the domestic economies. It appears that current policies are, overall, prooving insufficient to spur lasting development outside resource intensive sectors.
Keywords:
WP; natural resource; real GDP; civil war; Resource Booms; Dutch Disease; Economic Growth; Public Investment; boom period; resource boom; counterfactual period; GDP per-capita; resource rent; Natural resources; Public investment spending; Human capital; Public expenditure review; Oil; Eastern Europe; Africa; Global
Cover Fiscal Monitor, October 2015
Fiscal Monitor, October 2015
The Commodities Roller Coaster - A Fiscal Framework for Uncertain Times
International Monetary Fund. Fiscal Affairs Dept.

Abstract

This issue of the Fiscal Monitor examines the conduct of fiscal policy under the uncertainty caused by dependence on natural resource revenues. It draws on extensive past research on the behavior of commodity prices and their implications for macroeconomic outcomes, as well as on extensive IMF technical assistance to resource-rich economies seeking to improve their management of natural resource wealth.

Keywords:
FM; def; country abbreviation; statistics manual; commodity exporter; commodity price; resource revenue windfall; Fiscal stance; Macroeconomic and fiscal forecasts; Commodity prices; Global; Middle East; North Africa; Asia and Pacific; Africa; commodity revenue; oil price shock; commodity cycle; commodity dependence; price dynamics; commodity price swing; commodity price upturn; price-smoothing rule; price windfall; commodity price cycle; unexpected commodity price swing; Natural resources; Commodity price fluctuations
Cover Commodity Price Volatility and Inclusive Growth in Low-Income Countries
Commodity Price Volatility and Inclusive Growth in Low-Income Countries
Mr. Rabah Arezki
,
Ms. Catherine A Pattillo
,
Mr. Marc G Quintyn
, and
Min Zhu

Abstract

In the years following the global financial crisis, many low-income countries experienced rapid recovery and strong economic growth. However, many are now facing enormous difficulties because of rapidly rising food and fuel prices, with the threat of millions of people being pushed into poverty around the globe. The risk of continued food price volatility is a systemic challenge, and a failure in one country has been shown to have a profound impact on entire regions. This volume addresses the challenges of commodity price volatility for low-income countries and explores some macroeconomic policy options for responding to commodity price shocks. The book then looks at inclusive growth policies to address inequality in commodity-exporting countries, particularly natural resource rich countries. Perspectives from the Middle East and North Africa, sub-Saharan Africa, emerging Asia, and Mexico are presented and, finally, the role of the international donor community is examined. This volume is a must read for policymakers everywhere, from those in advanced, donor countries to those in countries with the poorest and most vulnerable populations.

Keywords:
BOOK; price; government; commodity; natural resource; price shock; exchange rate; income distribution; price volatility; Natural resources; Income inequality; Oil; Food prices; Consumption; Global; Sub-Saharan Africa; Africa; Asia and Pacific; Middle East; MENA country; hedging program; Caribbean
Cover IMF Working Papers
Accelerating And Sustaining Growth: Economic and Political Lessons
Mr. Arvind Virmani
The paper reviews and draws lessons from the experience of fast growing economies including a sub-set of these termed High Growth Economies (HGEs) with a decadal rate of over 7 per cent. It then reviews the history of the Indian growth acceleration following the reforms of the 1990s and its future prospects given the recent slowdown. It analysis the potential dangers and reasons for India’s growth slowdown and proposes policy reforms for sustaining fast growth.
Keywords:
WP; financial crisis; economic growth; low income; capital goods; exchange rate; natural resource; High Growth Economies; India; Policy Reforms; Timing and Phasing.; political system; public goods; land market; pHGE country; Income; Natural resources; Foreign direct investment; Imports; Productivity; Global; South Asia; Asia and Pacific
Cover IMF Working Papers
Natural Resources, Volatility, and Inclusive Growth: Perspectives From the Middle East and North Africa
Mr. Mustapha K. Nabli
and
Mr. Rabah Arezki
This paper takes stock of the economic performance of resource rich countries in the Middle East and North Africa (MENA) over the past forty years. While those countries have maintained high levels of income per capita, they have performed poorly when going beyond the assessment based on standard income level measures. Resource rich countries in MENA have experienced relatively low and non inclusive economic growth as well as high levels of macroeconomic volatility. Important improvements in health and education have taken place but the quality of the provision of public goods and services remains an important source of concerns. Looking forward we argue that the success of economic reforms in MENA rests on the ability of those countries to invest boldly in building inclusive institutions as well as high levels of human capacity in public administrations.
Keywords:
WP; MENA country; country; MENA region; GCC country; curse literature; resource rich.; Natural resources; volatility; inclusive growth; Middle East and North Africa.; private sector; Public investment spending; Public investment and public-private partnerships (PPP); Human capital; Fiscal rules; Middle East; North Africa; East Africa