In recent decades, the Middle East and North Africa region (MENA) has experienced more frequent and severe conflicts than in any other region of the world, exacting a devastating human toll. The region now faces unprecedented challenges, including the emergence of violent non-state actors, significant destruction, and a refugee crisis bigger than any since World War II. This paper raises awareness of the economic costs of conflicts on the countries directly involved and on their neighbors. It...

This publication brings together a set of IMF papers that prepared as backgrounds for the various sessions of the conference and will help put into broader dissemination channels the results of this important conference. An official IMF publication is well disseminated into academic and institutional libraries and book channels. The IMF metadata will also make the conference papers more discoverable online.

Explaining—and solving—the oil curse in the developing worldCountries that are rich in petroleum have less democracy, less economic stability, and more frequent civil wars than countries without oil. What explains this oil curse? And can it be fixed? In this groundbreaking analysis, Michael L. Ross looks at how developing nations are shaped by their mineral wealth—and how they can turn oil from a curse into a blessing.Ross traces the oil curse to the upheav...

The Arab Spring constitutes perhaps the most far-reaching political and economic transition since the end of communism in Europe. For too long, the economic aspirations of the people in the region, especially young people, have been ignored by leaders in Arab countries and abroad. Competing views as to how best to meet these aspirations are now being debated in the region. The outcome will shape Arab societies for generations to come. The authors of this book argue that significant economi...

The Egyptian protests in early 2011 took many by surprise. In the days immediately following, commentators wondered openly over the changing situation across the Middle East. But protest is nothing new to Egypt, and labor activism and political activism, most notably the Kifaya (Enough) movement, have increased dramatically over recent years. In hindsight, it is the durability of the Mubarak regime, not its sudden loss of legitimacy that should be more surprising. Though many have turned t...

The economy of the Middle East and North Africa improved considerably in 1996, and remained favorable in 1997. This paper, by Mohamed A. El-Erian and Susan Fennell, presents an assessment of the recent experience of the MENA economies and examines prospects for 1998 and beyond.

With Saudi Arabia being of immense importance both politically and economically in the Middle East, this book provides a much needed, broad ranging survey of the development of the Saudi economy from the 1960s to the present day.Written by a highly reputable author, the book includes an analysis of how political and social factors have shaped policy, and how the Saudi state is coping with the dynamics of a rapidly changing economic and political situation.

This book analyzes the recent development of Gulf capitalism through to the aftermath of the 2008 economic crisis. Situating the Gulf within the evolution of capitalism at a global scale, it presents a novel theoretical interpretation of this important region of the Middle East political economy.

These days, one would have a difficult time picking up a newspaper, or watching a newscast that did not have a lead story dealing with some aspect of oil. From instability in the Middle East, to stock market crashes and concerns over the health of the world economy, to wars that seem to break out unexpectedly around the world, to discussions of global warming, and even speculation over the fate of mankind, oil is usually lurking somewhere in the background.To many, oil markets and ...

The changing political situation in the Middle East poses challenges for the economies of the region, and some see none more vulnerable to collapse than Saudi Arabia's. Yet as this study demonstrates, the fundamentals of the Kingdom's economy are relatively robust, as over three quarters of GDP is accounted for by the non-oil sector, and impressive modern industries have been established, notably in petrochemicals. The financial system functions well, and despite substantial government deb...

Using four Gulf sovereign wealth funds as case studies – Iran, Kuwait, Saudi Arabia and the UAE - this book examines and analyses the history, governance and structure, and investment strategies of the above mentioned funds, in the context of on-going debates about their transparency.The book discusses how most Gulf sovereign wealth funds were established under colonial rule, and have operated in the global financial system for many decades. With the increase of oil revenues, it go...

This is the first major study of the alternatives confronting Iraq as it seeks to rebuild its vital oil industry while simultaneously constructing a new political system. A key challenge facing the country is to allocate the revenues oil generates in a way that avoids economic and social instability. Reviewing the present status of the industry, the authors - including Clement Henry, Massoud Karshenas, Roger Owen, Mona Said and John Sfakianakis - use comparative analysis to suggest how it ...