Harnessing the Global Recovery, A Tough Road Ahead

Harnessing the Global Recovery, A Tough Road Ahead

Many countries in Middle East and North Africa (MENA) will start to benefit from stronger external demand in the high-income economies, as the global economy is set for a rebound in 2014. After a marked slowdown in 2013, a recovery in high income e...

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Bibliographic Details
Main Author: World Bank
Format: Economic Updates and Modeling
Language:English
en_US
Published: Washington, DC 2014
Subjects:
AVERAGE INCOMES
BUDGET DEFICIT
BUDGET DEFICITS
CASH TRANSFERS
CENTRAL BANK
COMMODITIES
COMMODITY
COMMODITY PRICES
COPYRIGHT CLEARANCE
COPYRIGHT CLEARANCE CENTER
COUNTRY SPECIFIC
CREDIT GROWTH
CURRENT ACCOUNT BALANCE
CURRENT ACCOUNT DEFICITS
DEVELOPING COUNTRIES
DEVELOPING REGIONS
DIVERSIFICATION
DOMESTIC SECURITY
ECONOMIC ACTIVITY
ECONOMIC PERFORMANCE
EMPLOYMENT
EXPORTERS
EXPORTS
EXTERNAL FINANCING
EXTERNAL SHOCKS
EXTREME POVERTY
FISCAL DEFICIT
FISCAL DEFICITS
FLOW OF FUNDS
FOREIGN DIRECT INVESTMENT
FOSTER COMPETITION
GINI COEFFICIENT
GLOBAL ECONOMY
GLOBAL OUTPUT
GOVERNMENT SPENDING
GROWTH RATE
GROWTH RATES
HOLDING
INCOME
INCOME GROWTH
INCOME INEQUALITY
INCOMES
INFLATION
INFLATION RATE
INTANGIBLE
INTERNATIONAL BANK
LABOR FORCE
LABOR MARKETS
LOW INFLATION
MIDDLE-INCOME COUNTRIES
MONETARY POLICIES
NATURAL CAPITAL
OIL EXPORTERS
OIL PRICE
OIL PRICES
POVERTY LINE
POVERTY RATE
PUBLIC DEBT
PUBLIC INVESTMENT
PUBLIC SECTOR
RAPID GROWTH
REAL GDP
REMITTANCES
RESERVES
RICH COUNTRIES
SAVINGS
SECTOR ACTIVITY
SOCIAL PROTECTION
STRUCTURAL PROBLEMS
SUBSIDIARY
SUPPLY SHOCK
SUSTAINABLE GROWTH
TRADING
TRANSITION COUNTRIES
UNEMPLOYMENT
UNEMPLOYMENT RATE
VOLATILITY
WAGES
WEALTH
Online Access:http://documents.worldbank.org/curated/en/2014/04/19335869/regional-economic-update-harnessing-global-recovery-tough-road-ahead
http://hdl.handle.net/10986/17789
Description
Summary:Many countries in Middle East and North Africa (MENA) will start to benefit from stronger external demand in the high-income economies, as the global economy is set for a rebound in 2014. After a marked slowdown in 2013, a recovery in high income economies is expected to boost global growth to 3.2 percent in 2014, an increase by 0.8 percentage points compared to 2013. Global output is expected to improve further in 2015 with real gross domestic product (GDP) accelerating to 3.4 percent in 2015. The World Bank estimates that growth in the United States (U.S.) will increase by 1 percentage point reaching 2.8 percent in 2014 and 2.9 percent in 2015; and the Euro Zone will improve to 1.1 percent and accelerate to 1.4 percent in 2014 and 2015 respectively, relative to negative 0.4 percent growth in 2013. The growth rebound in the Euro Zone is largely export led, with Germany and France continuing to expand at a solid pace, and Spain exiting recession. The world travel and tourism council estimates show that tourism revenues will increase by 7 percent in the MENA region in 2015 relative to 2014. To be sure, the global recovery is still fragile and downside risks, including continued low inflation in high-income economies, which can weaken demand and delay the economic recovery, and the escalation of conflict in Ukraine remain. This report presents the short-term, regional macroeconomic outlook, and economic challenges facing the countries in the MENA region. In this report, the MENA region is divided into three subgroups: the Gulf Cooperation Council (GCC) oil exporters, developing oil exporters, and oil importers.

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