Social Spending For Inclusive Growth In The Middle East And Central Asia
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Social Spending for Inclusive Growth in the Middle East and Central Asia by Mr.Koshy Mathai,Mr.Christoph Duenwald,Ms.Anastasia Guscina,Rayah Al-Farah,Mr.Hatim Bukhari,Mr.Atif Chaudry,Moataz El-Said,Fozan Fareed,Mrs.Kerstin Gerling,Nghia-Piotr Le,Mr.Franto Ricka,Mr.Cesar Serra,Tetyana Sydorenko,Mr.Sébastien Walker,Mr.Mohammed Zaher Pdf
This paper examines the role of social spending in improving socioeconomic outcomes in the Middle East and Central Asia. In particular, it addresses the following questions: (1) how large is social spending across the region? (2) how do countries in the region fare on socioeconomic outcomes? (3) how important is social spending as a determinant of these outcomes? and (4) how efficient is social spending in the region?
Promoting Inclusive Growth in the Middle East and North Africa by Mr. Roberto Cardarelli,Ms. Mercedes Vera-Martín,Mr. Subir Lall Pdf
Despite some pre-pandemic gains in poverty reduction, literacy, and lifespans, many economies in the Middle East and North Africa (MENA) have struggled to ensure that the benefits of economic development and diversification accrue equitably to all segments of their populations. Among the main issues that remain unresolved are the high share of inactive youth (who are not engaged in employment, education, or training); large gaps in economic opportunities for women; fragmented social protection systems; and underdeveloped private sectors with tight regulation, absence of a level playing field, and limited access to credit that stifle the creation of new firms and growth, employment, and incomes. The COVID-19 pandemic not only risks wiping out some of the progress made in the region over the past decades, but could also exacerbate inequality in a durable way. There is evidence that the impact of the pandemic has been uneven across groups, with the recession having a disproportionate effect on the low-skilled, the young, women, and migrant workers in employment and incomes. With widespread inequality, high unemployment, and the expected entry of 27 million young people into the labor force over the next 10 years, countries across the MENA region need to evolve their economic models to boost job creation and make sure that the benefits of economic development are shared more widely among all their citizens. This book’s objective is to reassess the inclusive growth agenda in the MENA region in light of the rapidly changing pandemic-influenced world. It argues that countries need to embrace global trade and technological advances and evolving demographics at home as an opportunity to successfully implement policies that foster higher and more inclusive growth. It underscores that a return to the old social contract is neither desirable nor feasible. The book presents a comprehensive view of policies suited to the regional context that would boost job-rich and inclusive growth within a resilient macroeconomic policy framework. Its goal is to provide guidance to policymakers in the region to frame how best to promote inclusive growth, including in their engagement with all stakeholders.
International Monetary Fund. Middle East and Central Asia Dept.
Author : International Monetary Fund. Middle East and Central Asia Dept. Publisher : International Monetary Fund Page : 59 pages File Size : 43,8 Mb Release : 2022-10-31 Category : Business & Economics ISBN : 9798400220654
Regional Economic Outlook: Middle East and Central Asia by International Monetary Fund. Middle East and Central Asia Dept. Pdf
In a worsening global environment, economies in the Middle East and Central Asia are being buffeted by a confluence of shocks: a global slowdown, high and volatile food and energy prices, faster and stronger than expected tightening of financial conditions, and the risk of fragmentation. The region’s emerging market and middle-income economies (EM&MIs) and low-income countries (LICs) are hit hard, with many facing curtailed access to market financing, while oil-exporting countries are being buffered by still-high energy prices. The adverse impact of Russia’s war in Ukraine on the Caucasus and Central Asia (CCA) has thus far been milder than expected. Still, the CCA’s strong ties to Russia entail substantial risks to the region’s outlook. The most urgent policy challenge for all countries is to tackle the cost-of-living crisis by restoring price stability, protecting vulnerable groups through targeted support, and ensuring food security. Policy trade-offs in EM&MIs and LICs have become more pronounced than ever, as they also need to preserve debt sustainability and financial stability. Oil exporters have the opportunity to maximize the benefits of the oil windfall by building buffers and advancing their diversification plans. CCA countries should carefully assess the magnitude and durability of the initial spillovers from the war in Ukraine and adjust their policy mix accordingly. Limited policy space in many countries raises the urgency of structural reforms to bolster economic growth while transforming economies to become more resilient, sustainable, diversified, and inclusive.
Economic Governance Reforms to Support Inclusive Growth in the Middle East, North Africa, and Central Asia by Mr.Christopher J. Jarvis,Ms.Gaelle Pierre,Mr.Benedicte Baduel,Dominique Fayad,Alexander de Keyserling,Mr.Babacar Sarr,Mariusz A. Sumlinski Pdf
This IMF Departmental Paper presents the key areas in which countries of the Middle East, North Africa, and the Caucasus and Central Asia (MECA) can enhance governance and fight corruption to achieve their economic policy goals. It draws on advances that have already taken hold in the region.
Opportunity for All by MissCatriona Purfield,Mr.Harald Finger,Mrs.Karen Ongley,Mr.Benedicte Baduel,Carolina Castellanos,Ms.Gaelle Pierre,Vahram Stepanyan,Mr.Erik Roos Pdf
This publication brings together a set of IMF papers that prepared as backgrounds for the various sessions of the conference and will help put into broader dissemination channels the results of this important conference. An official IMF publication is well disseminated into academic and institutional libraries and book channels. The IMF metadata will also make the conference papers more discoverable online.
Social Spending for Inclusive Growth in the Middle East and Central Asia by Mr.Koshy Mathai,Mr.Christoph Duenwald,Ms.Anastasia Guscina,Rayah Al-Farah,Mr.Hatim Bukhari,Mr.Atif Chaudry,Moataz El-Said,Fozan Fareed,Mrs.Kerstin Gerling,Nghia-Piotr Le,Mr.Franto Ricka,Mr.Cesar Serra,Tetyana Sydorenko,Mr.Sébastien Walker,Mr.Mohammed Zaher Pdf
This paper examines the role of social spending in improving socioeconomic outcomes in the Middle East and Central Asia. In particular, it addresses the following questions: (1) how large is social spending across the region? (2) how do countries in the region fare on socioeconomic outcomes? (3) how important is social spending as a determinant of these outcomes? and (4) how efficient is social spending in the region?
Estimating Potential Growth in the Middle East and Central Asia by Ms.Pritha Mitra,Amr Hosny,Gohar Abajyan,Mr.Mark Fischer Pdf
The Middle East and Central Asia’s economic growth potential is slowing faster than in other emerging and developing regions, dampening hopes for reducing persistent unemployment and improving the region’s generally low living standards. Why? And is it possible to alter this course? This paper addresses these questions by estimating potential growth, examining its supply-side drivers, and assessing which of them could be most effective in raising potential growth. The analysis reveals that the region’s potential growth is expected to slow by 3⁄4 of a percentage point more than the EMDC average over the next five years. The reasons behind this slowdown differ across the region. Lower productivity growth drives the slowdown in the Caucasus and Central Asia and is also weighing on growth across the Middle East (MENAP); while a lower labor contribution to potential growth is the main driver in MENAP. Moving forward, given some natural constraints on labor, total factor productivity growth is key to unlocking the region’s higher growth potential. For oil importers, raising physical capital accumulation through greater investment will also play an important role.
International Monetary Fund. Middle East and Central Asia Dept.
Author : International Monetary Fund. Middle East and Central Asia Dept. Publisher : International Monetary Fund Page : 120 pages File Size : 41,8 Mb Release : 2014-10-27 Category : Business & Economics ISBN : 9781498343732
Regional Economic Outlook, October 2014, Middle East and Central Asia, by International Monetary Fund. Middle East and Central Asia Dept. Pdf
This issue discusses economic developments in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP), which continue to reflect the diversity of conditions prevailing across the region. Most high-income oil exporters, primarily in the GCC, continue to record steady growth and solid economic and financial fundamentals, albeit with medium-term challenges that need to be addressed. In contrast, other countries—Iraq, Libya, and Syria—are mired in conflicts with not only humanitarian but also economic consequences. And yet other countries, mostly oil importers, are making continued but uneven progress in advancing their economic agendas, often in tandem with political transitions and amidst difficult social conditions. In most of these countries, without extensive economic and structural reforms, economic prospects for the medium term remain insufficient to reduce high unemployment and improve living standards.
Financial Inclusion of Small and Medium-Sized Enterprises in the Middle East and Central Asia by Mr.Nicolas R Blancher,Maximiliano Appendino,Aidyn Bibolov,Mr.Armand Fouejieu,Mr.Jiawei Li,Anta Ndoye,Alexandra Panagiotakopoulou,Wei Shi,Tetyana Sydorenko Pdf
The importance of financial inclusion is increasingly recognized by policymakers around the world. Small and medium-sized enterprise (SME) financial inclusion, in particular, is at the core of the economic diversification and growth challenges many countries are facing. In the Middle East and Central Asia (MENAP and CCA) regions, SMEs represent an important share of firms, but the regions lag most others in terms of SME access to financing.
International Monetary Fund. Middle East and Central Asia Dept.
Author : International Monetary Fund. Middle East and Central Asia Dept. Publisher : International Monetary Fund Page : 80 pages File Size : 47,9 Mb Release : 2018-10-24 Category : Business & Economics ISBN : 9781484375389
Regional Economic Outlook, November 2018, Middle East and Central Asia by International Monetary Fund. Middle East and Central Asia Dept. Pdf
As in other regions in the world, countries in MENAP and CCA regions are exposed to tightening in global financing conditions and ongoing global trade tensions. The former has already begun to impact several emerging market economies in MENAP and could have more severe implications should financial market sentiment suddenly deteriorate. Escalating global trade tensions will have a limited direct and immediate impact on these regions but could impart significant strains over time through negative effects on trading partners and through market confidence effects.
Subsidy Reform in the Middle East and North Africa by Mr.Carlo A. Sdralevich,MissRanda Sab,Mr.Younes Zouhar,Ms.Giorgia Albertin Pdf
In the Middle East and North Africa (MENA) countries price subsidies are common, especially on food and fuels. However, these are neither well targeted nor cost effective as a social protection tool, often benefiting mainly the better off instead of the poor and vulnerable. This paper explores the challenges of replacing generalized price subsidies with more equitable social safety net instruments, including the short-term inflationary effects, and describes the features of successful subsidy reforms.
Paving the Way to More Resilient, Inclusive, and Greener Economies in the Caucasus and Central Asia by Nikoloz Gigineishvili,Iulia Ruxandra Teodoru,Narek Karapetyan,Yulia Ustyugova,Jean van Houtte,Jiri Jonas,Wei Shi,Shant Arzoumanian,Kalin Tintchev,Maxwell Tuuli,Faten Saliba,Farid Talishli,Moataz El-Said,Fernanda Brollo Pdf
Raising long-term growth and resilience and improving living standards and inclusion are the top economic policy priorities for countries in the Caucasus and Central Asia (CCA). The region responded strongly to the COVID shock, which unavoidably caused a contraction in output and an increase in poverty and inequality. While the region is at the crossroads between the West and the East as it is facing heightened uncertainty due to Russia's war in Ukraine and the rising risk of global fragmentation. Climate change is an additional challenge that could have a significant negative impact on CCA countries in the long term. These challenges, however, also offer an opportunity for the region to develop a new growth model that could strengthen long-term resilience, accelerate income convergence with more advanced country peers, and improve human development and social outcomes. The paper argues that a more market-based allocation of limited resources is needed to channel capital and labor to their most productive use. The private sector needs to become a key driver of economic activity while the state provides a competitive and market-friendly business environment, delivers essential public goods and services, addresses externalities and market failures, and mitigates systemic risks. The state also retains a critical role in mobilizing public support and resources for climate policies and protecting the vulnerable. Well-designed social safety nets play a key role in reducing poverty and inequality and are essential to the new economic growth model to support human capital development and alleviate the impact of structural reforms on the most vulnerable.
International Monetary,International Monetary Fund. Middle East and Central Asia Dept.
Author : International Monetary,International Monetary Fund. Middle East and Central Asia Dept. Publisher : International Monetary Fund Page : 107 pages File Size : 47,7 Mb Release : 2021-08-24 Category : Business & Economics ISBN : 9781513594705
Jordan: Second Review Under the Extended Arrangement Under the Extended Fund Facility, Request for Augmentation of Access, and Modification of Performance Criteria-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Jordan by International Monetary,International Monetary Fund. Middle East and Central Asia Dept. Pdf
Early success in containing the spread of COVID-19 has been challenged by two subsequent waves of the pandemic. Timely and effective fiscal and monetary policy responses helped contain the contraction in activity to 1.6 percent in 2020, shallower than the 3 percent expected at the first review. The authorities have also made significant efforts to protect jobs and the most vulnerable. Still, unemployment has surged to a record 25 percent in Q4 2020, with youth unemployment at 55 percent. The impact on fiscal and external balances has been significant, with public debt reaching 88 percent of GDP at end-2020. Nonetheless, despite the challenges from new virus variants and weaker tourism prospects, macroeconomic stability has been maintained, thanks to the authorities’ proactive policy stance; and a moderate 2 percent growth rate is projected for 2021 (slightly below the 2.5 percent projected in the first review), with a near-full reopening expected in the summer. The new parliament extended a vote of confidence to the incoming government in January, and approved the 2021 budget—consistent with the program—in February.
Development Centre Studies Can Social Protection Be an Engine for Inclusive Growth? by OECD Pdf
The potential role of social protection in the development process has received heightened recognition in recent years, yet making a strong investment case for social protection remains particularly challenging in many emerging and developing countries. This report challenges us to think deeply about the economic rationale for social protection investments through an inclusive development lens. It helps us understand the links between social protection, growth and inequality; how to measure those links empirically; social protection’s impact on inclusive growth; and how to build a more solid economic case for greater social protection investments.
