2009 Economic Developments
October 3, 2009 - The global financial and economic crisis that began in mid-2007 in the US and has now led to the first global recession since World War II is impacting MENA countries and compounding the impact of the generalized rise in commodity prices that peaked in mid-2008. There is no consensus on the causes of this “once in a lifetime” crisis. However, it is generally accepted that a combination of low interest rates in the US, strong global demand especially in emerging market economies, and large current account surpluses in some countries, provided impetus for the buoyancy and bubble in housing, commodities, and stock markets. Just as they were synchronized on the upside, these markets all experienced sharp declines in prices during 2007–08. This series of events are of direct consequence for MENA’s economic developments in 2008 and prospects for 2009 and 2010.
The objective of this 2009 MENA Economic Developments and Prospects is to review the implication of the triple food-fuel-financial crisis for MENA economies. Chapter 1 reviews the year 2008 and the first few months of 2009. It discusses the impact of the global economic environment and MENA countries’ responses to the initial impact of the food-fuel-financial crises. Chapter 2 reviews MENA countries’ prospects for 2009 and 2010 and discusses policies that can be envisaged to mitigate the impact of the global financial crisis on the region. Chapter 3 goes beyond the short-term concerns about the current crisis and discusses structural factors that affect MENA countries’ vulnerability to shocks and their flexibility and ability to respond to future crises.
2009 MENA Economic Developments and Prospects Report
Overview available in English (284Kb pdf), French (287Kb pdf) & Arabic (739Kb pdf)
|• ||Complete Report as One File (1.9Mb, pdf)|
|• ||Table of Contents, Acknowledgements, Abbreviations and Acronyms (52Kb, pdf)|
|• ||Overview (111Kb, pdf)|
|• ||2008 – A Year of Wild Fluctuations in the Global Economy (428Kb, pdf)|
|• ||The Global Economic Environment and MENA’s 2009–10 Prospects: Mitigating the Impact of Global Recession (406Kb, pdf)|
|• ||Policies to Reduce Vulnerability and Increase Flexibility to Respond to Shocks Over the Long Term (423Kb, pdf)|
|• ||Annex (697Kb, pdf)|