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Middle East and North Africa Economic Update, April 2010 : Recovering from the Crisis

BALANCE OF PAYMENTS BALANCE SHEETS BANK CREDITORS BANK PROFITABILITY BANKING SECTOR BANKING SECTORS BANKING SYSTEM BARRIERS TO ENTRY BASIS POINTS BOND BORROWING COSTS BRANCH NETWORKS CAPITAL FLOWS CDS CENTRAL BANK CENTRAL BANKS COMMERCIAL BANKS COMMODITY PRICES CONSUMER PRICE INDEX CORPORATE GOVERNANCE COUNTRY DEBT COUPON COUPON PAYMENT CPI CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT DEFAULT SWAPS CREDIT GROWTH CREDIT RISK CREDITOR CREDITOR CLAIMS CREDITORS CURRENT ACCOUNT SURPLUSES DEBT DEBT CRISIS DEBT FINANCING DEBT FLOWS DEBT ISSUES DEBT MARKETS DEBT OVERHANG DEBT RESTRUCTURING DEBT STOCK DEBTS DEMAND FOR CREDIT DEPOSIT DEPOSIT ACCOUNT DEPOSIT ACCOUNTS DEPOSITS DEVELOPED COUNTRIES DEVELOPING COUNTRIES DEVELOPING COUNTRY DOMESTIC BANKING DOMESTIC BANKS DOMESTIC BORROWING DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC DEBT MARKETS DOMESTIC FINANCIAL MARKETS DOMESTIC MARKETS ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC EFFICIENCY ECONOMIC GROWTH EMERGING ECONOMIES EMERGING MARKETS EQUITY MARKETS EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT SHARES EXPORTERS EXTERNAL DEBT FACE VALUE FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SECTOR INDICATORS FINANCIAL SHOCK FINANCIAL STABILITY FINANCIAL SUPPORT FINANCIAL SYSTEM FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FOREIGN BANK FOREIGN BANK PARTICIPATION FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES GLOBAL ECONOMY GLOBAL TRADE GOVERNMENT DEBT GOVERNMENT GUARANTEES GOVERNMENT SPENDING GOVERNMENT SUPPORT GROSS DOMESTIC PRODUCT HIGH UNEMPLOYMENT HOLDING HOUSEHOLD INCOMES IMPLICIT SOVEREIGN GUARANTEE INCOME GROWTH INFLATION INFLATION INDEX INFLATIONARY PRESSURES INFORMATION ASYMMETRIES INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE INVESTMENTS INSTITUTIONAL INVESTORS INTEREST RATE INTERMEDIATE INPUTS INTERNATIONAL BANK INTERNATIONAL DEBT INTERNATIONAL DEBT MARKETS INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL MARKETS INVENTORIES INVENTORY INVESTMENT ACTIVITY INVESTMENT CLIMATE INVESTMENT OPPORTUNITIES INVESTMENT PROJECTS INVESTMENT RATES INVESTOR CONFIDENCE ISLAMIC BANKS ISLAMIC BONDS LABOR FORCE LABOR MARKET LEGAL PROTECTION LEGAL RIGHTS LEVEL PLAYING FIELD LIQUIDITY LIQUIDITY RISKS LOAN LOAN RATES MARKET ANALYSTS MARKET DEVELOPMENTS MARKET DISCIPLINE MARKET PARTICIPANTS MARKET PLAYERS MATURITY METALS MICROFINANCE MONETARY FUND MONETARY POLICIES NEGATIVE SHOCK NON PERFORMING LOANS NONPERFORMING LOAN NPL OIL OIL BOOM OIL PRICE OIL PRICES OPEC PENSION PENSION FUNDS POLICY RESPONSES POPULATION GROWTH PORTFOLIO PORTFOLIO FLOWS PORTFOLIOS POST-CRISIS PERIOD PRICE INDEXES PRICE VOLATILITY PRIVATE BANKS PRIVATE CONSUMPTION PRIVATE DEBT PRIVATE DEBT FLOWS PRIVATE INVESTMENT PRIVATE SECTOR CREDIT PRODUCERS PRODUCTIVE INVESTMENTS PROVISIONING RULES PRUDENTIAL SUPERVISION PUBLIC FINANCE PUBLIC FINANCES PUBLIC INVESTMENTS PUBLIC REGISTRY PUBLIC SPENDING PURCHASING POWER REAL ESTATE LENDING REGULATORY STRUCTURES REGULATORY SYSTEMS REMITTANCE REMITTANCE SERVICE REMITTANCES RESERVES RETURN RETURNS RISK AVERSION RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RISK PREMIUMS SECURITIES SETTLEMENT SOLVENCY STATE BANKS STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKET INDEX STOCK MARKETS STOCKS STRUCTURAL PROBLEMS SUKUK SWAP TAX TERMS OF TRADE TRADABLE DEBT TRADE CREDIT TRADE CREDITORS TRADE FINANCE TRADE LIBERALIZATION TRANSACTION TRANSACTION COSTS TREASURIES UNEMPLOYMENT RATES WORKING CAPITAL
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World Bank, Washington, DC
Middle East and North Africa
2016-03-30T20:02:57Z | 2016-03-30T20:02:57Z | 2010-04-01

This edition of the Middle East and North Africa (MENA) regional economic update concerns the region recovering from the financial crisis along with the global economy. Growth in 2010 is expected to be 4.4 percent region-wide, driven by domestic absorption as well as a positive contribution from external demand. The recovery from the crisis differs by country depending on initial conditions and the intensity of the impact via the three principal channels through which the global financial crisis affected MENA economies-the financial sector, the price of oil, and the balance of payments, reflecting the impact on trade, remittances and Foreign Direct Investment (FDI) flows. The Gulf Cooperation Council (GCC) countries are leading the regional recovery as oil prices have rebounded and the GCC financial sector is stabilizing. Developing oil exporters felt the impact of the crisis, and now the recovery, largely through the oil price channel, due to the limited integration of their banking sectors into global financial markets and the importance of oil in their exports. The oil importers were affected by the crisis through the secondary effects on trade, remittances, and FDI flows, so their recovery will depend crucially on the recovery in key markets, especially the EU and the GCC countries. High unemployment has been a problem in MENA for years, and the crisis has dimmed prospects for improvements in the near term. Ample oil and gas resources, a youthful and growing workforce, and a growing momentum to look for ways to diversify their economies imply that the growth potential of the region is high, but MENA countries continue to face formidable longer term challenges. Ensuring access to finance without compromising financial stability will be a major challenge in MENA, although issues related to weak regulatory systems, corporate governance and overdependence on the banking system also loom large. Key problems of the business environment in MENA include policy and regulatory uncertainty and discretion in implementing reforms which prevent a level playing field for all firms and encourage the pursuit of privileged access. These problems, coupled with barriers to entry and exit, have created an environment of stagnation. Addressing these issues will require applying rules and regulations consistently and without discrimination among firms and introducing reforms that promote business dynamism, private investment, and innovation.

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