Why the Status Quo Is Unsustainable
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MENA’s economies have not delivered when it comes to meeting the needs of their growing population and the aspirations of the youth by creating jobs. As a result, people have protested demanding change during the Arab Spring and recently, 2019, in Algeria. The region’s economies rely excessively on oil for all their hard currency earnings to import food and to buy the peace, while the autocrats enrich themselves.
The shale oil revolution that competes for the same markets as MENA’s
The development of energy alternatives and renewable energy
Efforts to mitigate climate change
These will result in a decrease in the demand for MENA’s oil and fossil fuels, which should give them an incentive to embark on an economic diversifying program and to encourage foreign direct investment. Such a course of action requires an institutional environment that is conducive to such a policy.
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