Prospects for Middle Eastern and North African Economies: An Overview

Abstract

The economies of the Middle East and North Africa are at a cross–roads. After a decade of poor growth performance, a conjuncture of forces promises to change the region’s economic outlook. Globalization of the world economy, revolutions in transport and communications, and increasingly liberalized trade are creating new competitive pressures and new opportunities. Meanwhile, the end of the Cold War, the aftermath of the Gulf conflict, the evolving Middle East peace process, and the rise of fundamentalism are challenging traditional regimes and policies. Young populations with poor employment prospects are calling for change, and opposition groups have become increasingly vocal. Navigating these turbulent waters will require that the region’s leaders, business people, and citizens have a purposeful vision of the way ahead.