Investment and Growth in the Middle East and North Africa

38 Pages Posted: 15 Feb 2006

See all articles by Mohamed A. El-Erian

Mohamed A. El-Erian

Salomon Smith Barney

Mahmoud El-Gamal

Rice University - Department of Economics

Francesco Paolo Mongelli

European Central Bank (ECB); Goethe University Frankfurt

Date Written: November 1996

Abstract

The paper considers investment and growth in the Middle East and North Africa (MENA) region. Notwithstanding cross-country differences, investment as a whole has been too low, too heavily tilted toward the public sector, too highly dependent on external influences, and less productive than in many other regions. Improving the region`s investment performance is critical if policymakers are to succeed in increasing the region`s economic growth rate. After discussing the relationship between investment and growth, the paper analyzes the investment responsiveness of various countries in the region and notes the policy priorities for strengthening the basis for rapid and sustained economic growth.

JEL Classification: D21, E22, N15, O11, O53

Suggested Citation

El-Erian, Mohamed A. and El-Gamal, Mahmoud A. and Mongelli, Francesco Paolo, Investment and Growth in the Middle East and North Africa (November 1996). IMF Working Paper No. 96/124, Available at SSRN: https://ssrn.com/abstract=883020

Mohamed A. El-Erian

Salomon Smith Barney ( email )

Citigroup Centre
33 Canada Square, Canary Wharf
London E14 5LB
United Kingdom
44 1 71 721 6272 (Phone)

Mahmoud A. El-Gamal

Rice University - Department of Economics ( email )

6100 South Main Street
Houston, TX 77005
United States
713-737-6301 (Phone)
713-737-5879 (Fax)

Francesco Paolo Mongelli

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Goethe University Frankfurt ( email )

Gr├╝neburgplatz 1
Frankfurt am Main, 60323
Germany

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