| Popis: |
The overall growth performance of the MENA region over the period 1960–2000 has been both mixed and characterized by a higher degree of volatility compared to the other regions in the world. In comparing the growth pattern of the MENA region within an international perspective, we have found that: capital is less efficient; trade openness less beneficial to growth and the impact of adverse external shocks more pronounced. In addition, Total Factor Productivity Growth (TFPG) in the MENA region, was not an important source of growth in comparison to the other regions owing to among other things, the lower quality of its institutions, modest stock of human capital and its educational system that focused on preparing students for public sector employment. Within the MENA region, non-oil and diversified economies have fared much better than the oil-exporting countries both in terms of output growth and TFPG. Finally, the degree of exposure to internal and external shocks, the extent of economic diversification and international competitiveness were found to be important factors explaining variations in growth performance within the MENA region. |
