Economic Growth and Foreign Direct Investment in the MENA Region: A Comparative Analysis
Since the 1970s many developing countries have experienced a considerable leap towards openness and integration with neighbouring countries as well as the wider world economy. Although the significance of trade and economic blocs has become prominent in the world economy, many of the moves towards integration have not necessarily been in the form of trading blocks. Openness has been manifested in the overall change of the trading strategies of developing countries. As point out, the shift from an inward-looking (or import-substitution) policy to an outwardlooking (or export-oriented) one has made a significant difference in the integration of the economies of the developing countries with the wider world economy. Liberalization policies in many developing countries have been part and parcel of this general process of openness. argue that during the early stages of policy change in many South-East Asian countries, including Japan, many countries maintained significant protection of their domestic market. Therefore, trade liberalization is thought to be a necessary condition for the success of an outward trade strategy, but it doesn’t usually precede it.
KeywordsEurope Income Syria Assimilation Turkey
Unable to display preview. Download preview PDF.
- Bosworth, B.P. and S.M. Collins (1999) Capital Flows to Developing Economies: Implications for Saving and Investment, Brookings Papers on EconomicActivity, 1 (1999). Washington, DC: Brookings Institution, 143–69.Google Scholar
- Collins, S.M., B.P. Bosworth and D. Rodrik (1996) ‘Economic Growth in East Asia: Accumulation versus Assimilation, Brookings Papers on Economic Activity, 2 (1996). Washington, DC: Brookings Institution, 135–91.Google Scholar
- Field, M. (2000) ‘What Are the Prospects for Modernizing the Middle East Economies?’, in Wright, J.W. and L. Drake (ed.), Economic and Political Impediments to Middle East Peace. New Zealand: Macmillan.Google Scholar
- Karshenas, M. (1999) Structural Obstacles to Economic Adjustment in the MENA Region: The International Trade Aspects, School of Oriental and African Studies, University of London, Working Paper no. 88.Google Scholar
- Safadi, R. (1997) ‘Global Challenges and Opportunities Facing MENA Countries at the Dawn of the Twenty-First Century’, in Handoussa, H. (ed.), Economic Transition in the Middle East. American University in Cairo Press, pp. 19–41.Google Scholar
- World Bank (2004a) World Development Indicators. April. Washington, DC.Google Scholar
- World Bank (2004b) World investment Indicators. April. Washington, DC.Google Scholar