World Bank Middle East and North Africa economic development and prospects (Vol. 2 of 2) : Investing for growth and jobs (English) - The World Bank
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World Bank Middle East and North Africa economic development and prospects (Vol. 2 of 2) : Investing for growth and jobs (English)
AbstractEconomic growth in the Middle East and North Africa (MENA) region is expected to average 4.1 percent in 2011 and improve by half a percentage point from our May forecast for the year. This positive development is largely due to increases in public spending… Economic growth in the Middle East and North Africa (MENA) region is expected to average 4.1 percent in 2011 and improve by half a percentage point from our May forecast for the year. This positive development is largely due to increases in public spending that have boosted demand across the region, increases in oil production in most MENA oil exporters, and a quicker than expected pickup in industrial production in Egypt. In addition, Iran's growth prospects improved as subsidy reform took effect and efficiency gains started taking place. The slight deceleration in regional growth to 3.8 percent in 2012 is mainly linked to an anticipated global slowdown, which is likely to depress oil production and prices. While this year's regional growth outlook has improved relative to the May forecast, uncertainty about it has increased in line with growing risks for a global downturn. Declining demand from Europe would negatively affect North African oil importers as it would threaten their export revenues and remittances. Falling oil prices would reduce growth in MENA's oil exporters, but be a relief to developing oil importers. The report investigates the region's job creation problem in light of income growth. The analysis shows that the region's job problem cannot be attributed solely to a slow pace of job creation relative to economic growth. On average the region has been creating jobs at a higher pace, relative to income growth, than other middle-income countries in the 2000s. However, there is some variation within the region, with oil importing countries recording a slower response of job creation to income.
Details
- 2011/09/01
- Working Paper
- 72677
- 2 of 2 (See all volumes)
- Middle East and North Africa;
- Middle East and North Africa;
- 2012/09/18
- Investing for growth and jobs
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- English
- Public Administration, Law, and Justice;
- 5M-Mna - Economic Development And Prospects Report Fall 2012 — P128033;
- General public administration sector;
- Office of the Chief Economist (MNACE)
- Economic and Sector Work
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