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Raising Competitiveness: Recipe for Tapping into the Middle East’s Growth Potential

With the global economy on the mend, countries in the Middle East and North Africa are witnessing a pickup in trade and economic growth. But, within the region, the picture is mixed. Indeed, for the region’s oil-importing countries, we are likely to see growth nudge up from 4½ percent in 2009 to around 5 percent this year. However, that is well below the growth rate required to create the 18 million jobs needed over the next decade. For these countries, greater competitiveness will be the crucial ingredient to boosting economic growth and employment. In this blog post, Masood Ahmed explores what we mean by ‘competitiveness’ and what are the policy actions governments need to take to raise it.

By | October 29th, 2010|Economic outlook, International Monetary Fund, Middle East, عربي|

Weekend in Washington: Cooperating Our Way Out of Crisis

This past weekend in Washington DC, as the economic leaders of 187 countries gathered for the Annual Meetings of the IMF and World Bank, the mood was tense. The world’s finance ministers and central bank governors were concerned because the global recovery is fragile. And, on top of the risks to the outlook, there is concern that the strong international cooperation that was shown during the crisis is in danger of receding. So, after the meetings, was the atmosphere less tense? Yes...and no. The world made some progress over the weekend. But we shouldn’t be too self-congratulatory. We are not yet out of the woods. The IMF’s analysis indicates that improved economic policy coordination, over the next five years, could increase global growth by 2.5 percent, create or save 30 million jobs, and lift 33 million more out of poverty. With such high potential returns, can we really afford each to go our own way?

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