From privilege to competition : unlocking private-led growth in the Middle East and North Africa
By focusing on market institutions, the quality of implementation of economic policies and the credibility of reforms from the private sector perspective, this report offers a new angle to the growth and employment challenge of the Middle East and North Africa region.
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| Main Author | |
|---|---|
| Format | eBook Book Publication |
| Language | English |
| Published |
Washington, D.C
World Bank
2009
World Bank Publications The World Bank Washington, DC |
| Edition | 1 |
| Series | MENA Development Report |
| Subjects | |
| Online Access | Get full text |
| ISBN | 9780821378779 0821378775 0821378899 9780821378892 |
| DOI | 10.1596/978-0-8213-7877-9 |
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| Abstract | By focusing on market institutions, the quality of implementation of economic policies and the credibility of reforms from the private sector perspective, this report offers a new angle to the growth and employment challenge of the Middle East and North Africa region. |
|---|---|
| AbstractList | The future prosperity of most people of the Middle-East and North Africa—and the social cohesion of their countries—rests in great part on the ability of governments to enable the private sector to respond to this job creation challenge. This is what this report is about. It is about enabling the new generations of entrepreneurs that have emerged over the past years all across the region to play a bigger role in the growth of their countries. It is also about encouraging more investors to believe in the prospects of the region and trusting that business-friendly policy reforms will benefit them and not only a minority of privileged entrepreneurs. From privilege to competition: unlocking private-led growth in the Middle-East and North Africa complements previous regional flagship reports published by the World Bank. In particular, the 2004 flagship report on trade and investment in the MENA region and the 2008 report on education touched upon other fundamental ingredients of economic competitiveness and private sector development. By focusing on market institutions, the quality of implementation of economic policies and the credibility of reforms from the private sector perspective, this report offers a new angle to the growth and employment challenge of the MENA region. The report starts with an introductory chapter that sets the stage for the issues and provides a short historical background on the development of the private sector in Middle East and North Africa (MENA), drawing on anecdotes and stories heard from many entrepreneurs and public officials consulted throughout the region during the preparation of this report. The core of the analysis is then presented in three parts. Part one assesses the performance of private sector development in the region from a macroeconomic and microeconomic standpoint (chapter two). It then presents the framework that is used to explain the identified performance gap (chapter three) and uses this framework in (chapter four) to claim that the lack of private sector dynamism in MENA is not necessarily due to insufficient reforms, but rather to the discretionary way in which rules and policies are implemented, and the lack of credibility of governments to really level the playing field when applying their policies and reforms. Part two then illustrates how this issue of poor implementation of the policies translates in three key policy areas in the business environment of the region: access to finance (chapter five), access to land (chapter six), and the conduct of industrial policies (chapter seven). The aim is to show how the role of the state and its institutions, when diverted from their regulatory and administrative missions by special interests and when subject to discretionary influence, can distort policies that may otherwise be well designed and well intended. Part three analyzes the political economy of reforms in MENA (chapter eight) and uses this analysis to offer a set of strategic recommendations and concrete policy actions that take into account the region's diversity and political economy (chapter nine). By focusing on market institutions, the quality of implementation of economic policies and the credibility of reforms from the private sector perspective, this report offers a new angle to the growth and employment challenge of the Middle East and North Africa region. |
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| Keywords | ECONOMIC GROWTH ECONOMIC POLICIES POLITICAL ECONOMY LABOR MARKETS QUALITY STANDARDS CREDIT RATIONING BARRIERS TO ENTRY OIL PRICES LABOR PRODUCTIVITY POLICY MAKERS PROPERTY RIGHTS DECISION-MAKING INSTITUTIONS OIL DECISION MAKING ECONOMIC DEVELOPMENT PUBLIC GOVERNANCE CPI POLICY DECISIONS LABOR FORCE UNEMPLOYMENT |
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| Notes | Includes bibliographical references (p. 209-218) and index 51833 67690 SourceType-Books-1 ObjectType-Book-1 content type line 7 |
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| Snippet | By focusing on market institutions, the quality of implementation of economic policies and the credibility of reforms from the private sector perspective, this... The future prosperity of most people of the Middle-East and North Africa—and the social cohesion of their countries—rests in great part on the ability of... The report starts with an introductory chapter that sets the stage for the issues and provides a short historical background on the development of the private... |
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| StartPage | xxix |
| SubjectTerms | access to information action plans Africa, North Availability of Credit Bailouts balance-of-payments crises Bank Credit Banking Sector Banking Systems barriers to competition barriers to entry beneficiaries beneficiary budget constraints Business Associations business entry Business Environment business information business leaders Business Manager business managers business regulations Businesses capital requirements central bank checks checks and balances client countries Collateral Communications Development Competition competitiveness conflicts of interest conflicts of interests Copyright Copyright Clearance Copyright Clearance Center corporate governance Corporation country to country CPI Credibility Credit Constraints Credit Information Credit Market Credit Markets Credit Rationing Creditors customs data analysis data availability data coverage decision making decision-making institutions Demand for Credit democracies developing country Development Bank e-government economic activities economic activity Economic Cooperation economic crisis Economic development Economic development -- Africa, North Economic development -- Middle East Economic growth economic integration economic policies employment creation enterprise sector Enterprise Surveys entry barriers entry requirements exchange rate exchange rate regimes Export Growth Export Markets exporters Finance Corporation Financial Crisis financial management financial sector Financial Statements foreign competition Foreign Direct Investment Foreign investment Foreign Ownership Foreign Ownership of Banks GDP general public global economic prospects global economy good governance government policies Government Subsidies gross domestic product growth rates Growth Strategies growth strategy holding human capital identification number incumbent industrial development information flows innovation innovations inspection Inspections institution International Bank International comparisons International Finance international standard Investment Bank Investment Climate investment decisions Investment Rates investors confidence job creation labor force labor markets Labor Productivity lack of credibility lan level playing field liberalization licenses local investors local markets macroeconomic management macroeconomic policies macroeconomic stability Manufacturing material Medium Enterprise menu microenterprises Middle East minimum capital requirements Monetary Fund multinational corporations New Products Nonperforming Loans North Africa NPL Oil oil boom oil prices One-Stop Shop one-stop shops ownership structure photo policy decisions policy makers Political Economy portfolios private entities Private Investment private investors private markets private sector private sector development Private Sector Growth private sector participation privatization privatizations procurement property rights public administration public administrations public bank public banks public expenditures public governance public investment public policies Public Sector public spending Public-private partnership Public-private sector cooperation Public-private sector cooperation -- Africa, North Public-private sector cooperation -- Middle East quality of service quality standards queries real estate regulators regulatory agencies Regulatory Barriers regulatory capacity regulatory environment regulatory frameworks regulatory oversight repo Republic Resource allocation results Return returns search separation of powers sla small businesses social development social protection state capture state enterprises State Intervention state policies Supervision targets Tax tax exemptions tax obligations tax reform telecommunications Telephone Trade policy transition countries Transparency unemployment uses volatility Wan World Development Indicators World Trade |
| TableOfContents | The Problem Is the Insufficient Private Sector Response to Reforms -- Is It about the Way Rules and Policies Are Implemented? -- Symptoms of a Business Environment That Is Not the Same for All -- Summing Up -- Part II Policies and How They Are Applied: State Intervention and Discretion in Credit, Land, and Industrial Policy -- 5. Access to Credit in MENA: Toward Better Supervision and Less Interference -- Credit Markets and Banking Systems in MENA -- Business Manager Perceptions of Credit Constraints -- Beyond Perceptions and Complaints: How Many Firms Are Really Credit Constrained? -- What Can Governments Do to Increase Access to Credit? -- 6. Reassessing the State's Role in Industrial Land Markets -- The Low Access to Land in MENA Countries -- Sources of Inefficiencies in Land Markets -- Getting the Incentives Right in Enclaves -- Power and Rent Seeking in Public Land Allocation and Regulation -- The Way Forward -- 7. New Industrial Policies: Opportunities and Perils of Selective Interventions -- A Tradition of Subsidies and Selective State Interventions -- A Framework to Clarify a Controversial Debate -- Private Sector Policies in MENA-A Legacy of Disproportionate Interventionism -- Assessing Risks of Industrial Policy Interventions -- Should Oil-Rich Countries Intervene? Yes, but the Risks of Failure Are Higher -- A Final Cautionary Note: Industrial Policies Could Succeed if the Right Conditions and Processes Are in Place -- Part III Designing Credible Private Sector Reforms Informed by Political Economy Realities -- 8. Institutions and State-Business Alliances Constraining Reforms and Credibility -- Weak Supply of Reforms: Policy-Making Institutions That Lack Commitment and Credibility -- Weak Demand for Reform: A Private Sector That Has Yet to Become an Agent of Change -- What Can Reformers Do to Change the Political Economy Status Quo? 9. Rethinking Private Sector Policy Making in MENA -- What Should Be Done Differently to Realign Investor Expectations? -- Looking Forward: Unlocking the Region's Private Sector Potential -- References -- Index -- Back Cover Cover -- Half Title -- Title -- Copyright -- Contents -- Foreword -- Preface -- Acknowledgments -- Glossary of Terms -- Abbreviations -- Overview -- What Is This Report About? -- Is the Private Sector Able to Play the Role of a Growth Engine? -- How Has the Private Sector Performed So Far? -- Is It about Missing Reforms? -- Is It about the Way Rules Are Implemented? -- Why Is It Difficult to Improve the Business Environment in the Region? -- Weak Demand for Reform: A Private Sector That Has Yet to Become an Agent of Change -- Weak "Supply" of Reforms: Policy-Making Institutions That Lack Credibility -- What Should Be Done Differently? Where Should Each Country Start? -- Getting Specific: A Roadmap for Credible Private-Led Growth Strategies in MENA -- Looking Forward -- 1. Voices of Entrepreneurs-Stories of Success, Hope, and Challenge -- Listening to Entrepreneurs -- Government Successes and Pitfalls in Supporting the Private Sector -- Challenges Facing Entrepreneurs-From Regulatory Barriers to Conflict and War -- Privileges, Unlevel Playing Fields, and the Credibility of the Reforms -- Hope and Enthusiasm for the Future -- Part I Private Sector Performance in the MENA Region: Explaining the Untapped Potential -- 2. Searching for Signs of Sustained Private-Led Growth in MENA -- The Growth of MENA Economies -- An Economy-Wide Perspective -- Firm-Level Productivity -- Summing Up -- 3. Explaining the Private Sector's Weak Performance-An Organizing Framework -- The Need for Humility in Prescribing the Keys to Private-Led Growth -- Policies, Institutions That Implement Them, and Expectations about the Future -- Measuring Rules, How They Are Applied, and Expectations about the Future -- 4. Policy Reforms in MENA, Their Credibility, and Their Implementation -- Is the Problem with Missing Reforms? |
| Title | From privilege to competition : unlocking private-led growth in the Middle East and North Africa |
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