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MENA ECONOMIC UPDATE APRIL 2021

How Institutions Shape the Tradeoff Between Short-Term Needs and Long-Term Costs of Public Debt in Middle East and North Africa

By: Roberta Gatti,Daniel Lederman,Sultan Abdulaziz Alturki,Rachel Yuting Fan,Asif Islam,Claudio Jeremias Rojas,Ha Minh Nguyen

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MENA ECONOMIC UPDATE APRIL 2021

How Institutions Shape the Tradeoff Between Short-Term Needs and Long-Term Costs of Public Debt in Middle East and North Africa

By: Roberta Gatti,Daniel Lederman,Sultan Abdulaziz Alturki,Rachel Yuting Fan,Asif Islam,Claudio Jeremias Rojas,Ha Minh Nguyen

Part I of this report discusses the short- and medium-term growth prospects for countries in the Middle East and North Africa (MENA). The region is expected to grow at a subdued rate of 0.6 percent in 2019, rising to 2.6 percent in 2020 and 2.9 percent in 2021. The growth forecast for 2019 is revised down by 0.8 percentage points from the April 2019 projection. MENA’s economic outlook is subject to substantial downside risks—most notably, intensified global economic headwinds and rising geopolitical tensions. Part II argues that promoting fair competition is key for MENA countries to complete the transition from an administered to a market economy. Part II first examines current competition policies in MENA countries and to promote fair competition calls for strengthening competition law and enforcement agencies. It also calls for corporatizing state-owned enterprises, promoting the private sector and creating a level-playing field between them. Any moves to reform MENA economies would be aided by professional management of public assets, which could tap into a new source of national wealth.

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Page Count

70

Publisher

World Bank Publications

Published Date

ISBN 10

1464816999

ISBN 13

9781464816994

Overconfident

How Economic and Health Fault Lines Left the Middle East and North Africa Ill-Prepared to Face COVID

By: Roberta Gatti,Daniel Lederman,Rachel Yuting Fan,Arian Hatefi,Ha Minh Nguyen,Anja Sautmann,Joseph Martin Sax,Christina Wood,Sultan Abdulaziz Alturki,Claudio Jeremias Rojas

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Overconfident

How Economic and Health Fault Lines Left the Middle East and North Africa Ill-Prepared to Face COVID

By: Roberta Gatti,Daniel Lederman,Rachel Yuting Fan,Arian Hatefi,Ha Minh Nguyen,Anja Sautmann,Joseph Martin Sax,Christina Wood,Sultan Abdulaziz Alturki,Claudio Jeremias Rojas

Overconfident: How Economic and Health Fault Lines Left the Middle East and North Africa Ill-Prepared to Face COVID This report examines the region’s economic prospects in 2021, forecasting that the recovery will be both tenuous and uneven as per capita GDP level stays below pre-pandemic levels. COVID-19 was a stress-test for the region’s public health systems, which were already overwhelmed even before the pandemic. Indeed, a decade of lackluster economic reforms left a legacy of large public sectors and high public debt that effectively crowded out investments in social services such as public health. This edition points out that the region’s health systems were not only ill-prepared for the pandemic, but suffered from over-confidence, as authorities painted an overly optimistic picture in self-assessments of health system preparedness. Going forward, governments must improve data transparency for public health and undertake reforms to remedy historical underinvestment in public health systems.

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76

Publisher

World Bank Publications

Published Date

ISBN 10

1464817987

ISBN 13

9781464817984