Economic Development in the Middle East
City University of New York, CUNY City College of New York - Department of Economics; The University of Pennsylvania - Department of Economics
PIER Working Paper No. 04-022
The economic and financial development are examined in Algeria, Egypt, Iran, Israel, Jordan, Kuwait, Lebanon, Morocco, Oman, Saudi Arabia, Syria, Tunisia, Turkey, United Arab Emirates, and Yemen, representing the Middle East and North Africa region. Lengthy bureaucratic procedures, unclear regulations, corruption, and heavy reliance on oil exports pose major obstacles to economic development and integration into global markets. These controlled economies directly affect foreign and domestic investments that are measured by five factors: Starting a Business, Hiring and Firing Workers, Enforcing Contracts, Getting Credit, and Closing a Business. This paper demonstrates that improvements in the standard of living will only be attained with fiscal and political reforms.
Number of Pages in PDF File: 38
Keywords: Middle East and North Africa (MENA), Algeria, Arab Republic of Egypt, Islamic Republic of Iran, Israel, Jordan, Kuwait, Lebanon, Morocco, Oman, Saudi Arabia, Syrian Arab Republic, Tunisia, Turkey, United Arab Emirates, the Republic of Yemen, Economic Indicators, Foreign Direct Investment
JEL Classification: E0, E1, F3, F4, N2, O4, O5
Date posted: May 20, 2004