The 1990s saw the unification of the two Yemens into one nation and a burgeoning of the country's oil sector. This paper examines the structural changes in the Yemeni economy brought about by these and other developments and identifies the reforms needed to move the country toward rapid and sustainable growth, effectively manage its oil wealth, and reduce the widespread poverty. The paper addresses the issue of poverty reduction by providing background and drawing lessons from Yemen's adju...

A call-to-arms from Nobel Prize–winning economist and best-selling author Paul Krugman.The Great Recession is more than four years old—and counting. Yet, as Paul Krugman points out in this powerful volley, "Nations rich in resources, talent, and knowledge—all the ingredients for prosperity and a decent standard of living for all—remain in a state of intense pain."How bad have things gotten? How did we get stuck in what now can only be called a depression? And above all, how...

Since attaining independence in 1965 Singapore has experienced exceptionally rapid growth, low inflation, and a healthy balance of payments. This paper reviews Singapore's economic development from a long-term perspective and examines some of the factors that have contributed to the sustained rapid growth

Following the 15-year civil war that started in 1975, Lebanon's government began the difficult task of economic stabilization and confidence building, on the one hand, and postwar reconstruction and development, on the other. The government led the reconstruction effort by formulating programs that aimed to rapidly rehabilitate the country's severly damaged infrastructure in preparation for private-sector-led growth over the medium term. At the same time, Lebanon introduced an exchange-rat...

The invisible hand of capitalism is broken. Economic and political forces are preventing markets from correcting themselves, and we're now living in an unprecedented age of oversupply.Governments and central banks across the developed world have tried every policy tool imaginable, yet our economies remain sluggish or worse. Howdid we get here, and how can advanced nations compete and prosper once more?In this bold call to arms, economic policy exper...

Kuwait has made an impressive recovery from the damage and disruptions caused by the Iraqi invasion in 1990, as evidenced by the restoration of basic economic and social services, the recovery of the oil sector, the rehabilitation of infrastructure, and the steady reduction in the fiscal and balance of payments deficits. This paper examines recent developments in the Kuwaiti economy and discusses the country's medium-term policy challenges of saving for future generations, strengthening th...

With the steady increase of crude oil production and the surge in oil prices in the mid- and late 1970s, Oman embarked upon an economic development path that transformed it into a prosperous country. Today Oman boasts impressive physical infrastructure, much improved socioeconomic conditions, and a high standard of living. The purpose of this background study is to contribute to a better understanding of developments in the Omani economy since 1980 and of the policy challenges the governme...

Why a return to sound money is our only hope for a true recovery and a healthy global economy“Money clearly illustrates that sound money is an essential foundation for a free and prosperous society and that the Federal Reserve’s current policies are a greater threat to the economic future of the U.S. than government deficit spending. This is an important book well worth reading.” -- John A. Allison, President and CEO, Cato Institute, and author of the

This paper offers Algeria's recent experience with macroeconomic stabilization and systemic transformation from a centrally planned to a market economy. The analyses focuses on the period since 1994 when Algeria embarked on a comprehensive reform program that has benefitted from IMF support, first through a one-year Stand-by Arrangement, and from May 1995, through a three-year arrangement under the Extended Fund Facility. To better understand this experience, this paper provides some backg...