From the Mirage of Rent to the Burden of Debt: Adjustment and Insecurity in Arab Economies
The issue of debt, and the impasse into which it has propelled many countries, is now at the centre of discussions on development strategies. It has become manifestly impossible to re-establish the essential equilibria, necessary for growth resumption, through sole use of structural adjustment policies. The proposed debt treatment, issued at the inception of the ‘crisis’ in 1982, has weighed heavily on the social stability and political security of numerous countries. It now requires new thinking. Debtors must be provided with the time and the means of a macroeconomic adjustment which would prevent short-term social shocks and would ensure, in the longer run, the conditions of sustained growth.
KeywordsEconomic Crisis Europe Petroleum Income Syria
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