Middle East and North Africa Economic Developments and Prospects 2006 : Financial Markets in a New Age of Oil
This edtion of the Middle East and North Africa (MENA) economic developments and prospects reports highlights the recent key economic developments as well as the forces underlying the region's economic outcomes. It analyzes the region's m...
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| Format: | Report |
| Language: | English en_US |
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Washington, DC: World Bank
2016
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| Online Access: | http://documents.worldbank.org/curated/en/2006/01/7540124/2006-economic-developments-prospects-financial-markets-new-age-oil http://hdl.handle.net/10986/23971 |
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okr-10986-23971 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTABILITY ADVERSE IMPACT ARAB REPUBLIC OF AVERAGE OIL PRICE BALANCE BANK DEPOSITS BANK EXPOSURE BANK RESTRUCTURING BANKING SECTOR BANKS BARREL BARRELS PER DAY BUSINESS CLIMATE BUSINESS ENVIRONMENT CAPITAL ADEQUACY CAPITAL FLIGHT CAPITAL FLOWS CAPITAL MARKETS CAPITALIZATION CITIZENS CIVIL LIBERTIES COMPETITIVENESS CONTRACTUAL SAVINGS CORPORATE GOVERNANCE COUNTRY DATA CRIME CRUDE OIL CRUDE OIL PRICES CRUDE OIL PRODUCTION CURRENT EXPENDITURES DEBT DEPOSITS DEVELOPMENT STRATEGIES DIESEL DIRECT INVESTMENT ECONOMIC EXPANSION ECONOMIC GROWTH ECONOMIC OUTCOMES EGYPT ENERGY USE EQUITY CAPITAL EXPORT GROWTH FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR REFORMS FINANCIAL SYSTEMS FORECASTS FOREIGN ASSETS FOREIGN EXCHANGE FREE TRADE FUEL FUEL PRICE FUEL PRICES GASOLINE GASOLINE PRICES GDP GDP PER CAPITA GOVERNANCE REFORM GOVERNMENT FINANCE GROSS DOMESTIC PRODUCT GROWTH PERFORMANCE GROWTH RATE GROWTH RATES HIGHER OIL PRICES HOUSING INCOME INFLATION INVESTMENT CLIMATE INVESTMENT OPPORTUNITIES IRAN ISLAMIC REPUBLIC OF LIQUIDITY LIQUIFIED PETROLEUM GAS LIVING STANDARDS LOW TARIFF M2 MACROECONOMIC PERFORMANCE MIDDLE EAST MULTILATERAL TRADE NATURAL GAS NATURAL GAS PRODUCTION NONPERFORMING LOANS NORTH AFRICA OIL OIL ACCOUNTS OIL EXPORT REVENUES OIL EXPORTERS OIL EXPORTS OIL IMPORT OIL MARKET OIL PRICE OIL PRICES OIL PRODUCERS OIL PRODUCTION OIL PRODUCTION CAPACITY OIL REVENUES OIL SECTOR OPEC OPERATING EFFICIENCY PER CAPITA INCOME PETROCHEMICALS PETROLEUM PETROLEUM EXPORTING COUNTRIES PETROLEUM GAS PIPELINE POWER PRIME MINISTER PRIVATE SECTOR PRIVATIZATION PRODUCTION INCREASES PRODUCTIVITY PROFITABILITY PRUDENTIAL REGULATIONS REAL GDP REGIONAL BANKS RETAINED EARNINGS SAFETY NETS SAVINGS STORAGE FACILITIES SUBSIDIARY TRADE BALANCE TRADE LIBERALIZATION TRADE POLICY TROUGH UNEMPLOYMENT UNEMPLOYMENT RATES WEALTH WORLD OIL PRICES WORLD TRADE ORGANIZATION WTO |
| spellingShingle |
ACCOUNTABILITY ADVERSE IMPACT ARAB REPUBLIC OF AVERAGE OIL PRICE BALANCE BANK DEPOSITS BANK EXPOSURE BANK RESTRUCTURING BANKING SECTOR BANKS BARREL BARRELS PER DAY BUSINESS CLIMATE BUSINESS ENVIRONMENT CAPITAL ADEQUACY CAPITAL FLIGHT CAPITAL FLOWS CAPITAL MARKETS CAPITALIZATION CITIZENS CIVIL LIBERTIES COMPETITIVENESS CONTRACTUAL SAVINGS CORPORATE GOVERNANCE COUNTRY DATA CRIME CRUDE OIL CRUDE OIL PRICES CRUDE OIL PRODUCTION CURRENT EXPENDITURES DEBT DEPOSITS DEVELOPMENT STRATEGIES DIESEL DIRECT INVESTMENT ECONOMIC EXPANSION ECONOMIC GROWTH ECONOMIC OUTCOMES EGYPT ENERGY USE EQUITY CAPITAL EXPORT GROWTH FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR REFORMS FINANCIAL SYSTEMS FORECASTS FOREIGN ASSETS FOREIGN EXCHANGE FREE TRADE FUEL FUEL PRICE FUEL PRICES GASOLINE GASOLINE PRICES GDP GDP PER CAPITA GOVERNANCE REFORM GOVERNMENT FINANCE GROSS DOMESTIC PRODUCT GROWTH PERFORMANCE GROWTH RATE GROWTH RATES HIGHER OIL PRICES HOUSING INCOME INFLATION INVESTMENT CLIMATE INVESTMENT OPPORTUNITIES IRAN ISLAMIC REPUBLIC OF LIQUIDITY LIQUIFIED PETROLEUM GAS LIVING STANDARDS LOW TARIFF M2 MACROECONOMIC PERFORMANCE MIDDLE EAST MULTILATERAL TRADE NATURAL GAS NATURAL GAS PRODUCTION NONPERFORMING LOANS NORTH AFRICA OIL OIL ACCOUNTS OIL EXPORT REVENUES OIL EXPORTERS OIL EXPORTS OIL IMPORT OIL MARKET OIL PRICE OIL PRICES OIL PRODUCERS OIL PRODUCTION OIL PRODUCTION CAPACITY OIL REVENUES OIL SECTOR OPEC OPERATING EFFICIENCY PER CAPITA INCOME PETROCHEMICALS PETROLEUM PETROLEUM EXPORTING COUNTRIES PETROLEUM GAS PIPELINE POWER PRIME MINISTER PRIVATE SECTOR PRIVATIZATION PRODUCTION INCREASES PRODUCTIVITY PROFITABILITY PRUDENTIAL REGULATIONS REAL GDP REGIONAL BANKS RETAINED EARNINGS SAFETY NETS SAVINGS STORAGE FACILITIES SUBSIDIARY TRADE BALANCE TRADE LIBERALIZATION TRADE POLICY TROUGH UNEMPLOYMENT UNEMPLOYMENT RATES WEALTH WORLD OIL PRICES WORLD TRADE ORGANIZATION WTO World Bank Middle East and North Africa Economic Developments and Prospects 2006 : Financial Markets in a New Age of Oil |
| geographic_facet |
Middle East and North Africa Middle East North Africa |
| description |
This edtion of the Middle East and North
Africa (MENA) economic developments and prospects reports
highlights the recent key economic developments as well as
the forces underlying the region's economic outcomes.
It analyzes the region's medium term growth prospects
given global forecasts, and charts the region?s progress
with implementing comprehensive structural reforms needed
for longer-term growth. For the third year in a row, MENA
enjoyed a spectacular year of growth, buoyed by record high
growth rates among the region's oil exporters. As oil
prices continued their upward climb, the MENA region grew by
an average of 6.0 percent over 2005, up from 5.6 percent
over 2004, and compared with average growth of only 3.5
percent over the late 1990s. On an annual basis, MENA's
average economic growth over the last three years, at 6.2
percent per year, has been the highest three-year growth
period for the region since the late 1970s. MENA's
regional growth upturn has not been universally shared,
however, and resource poor economies are increasingly
feeling the adverse impact of higher oil prices. Growth
patterns among oil producers, on the other hand, have been
increasingly harmonized, reflecting a trend toward common
development strategies. Over the medium term, general
conditions for maintaining a solid pace for growth appear
promising. The oil shock MENA is experiencing has had
important financial spillovers. Over the last few years,
MENA has seen an upsurge in financial activity, as abundant
liquidity has fed a rapid rise in credit growth, surging
stock markets, and a booming real estate sector. A troubling
aspect about MENA's financial markets is the seeming
disconnect between the financial sector and the real private
economy, despite the appearance of a relatively deep
financial sector by macroeconomic indicators. Along with
across the board policy reform, MENA economies continue to
look to selective industrial policies designed to enhance
specific sector competitiveness and growth to complement
more broad-based structural reform. Although the views on
industrial policy are changing, and a variety of economic
justifications can be made for their use, MENA's own
unsuccessful history with industrial policies (and the
difficulty in transitioning out of them) should serve as a
cautious reminder that the most effective policies for
promoting growth rely on strategies to create a neutral and
internationally competitive business environment. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Middle East and North Africa Economic Developments and Prospects 2006 : Financial Markets in a New Age of Oil |
| title_short |
Middle East and North Africa Economic Developments and Prospects 2006 : Financial Markets in a New Age of Oil |
| title_full |
Middle East and North Africa Economic Developments and Prospects 2006 : Financial Markets in a New Age of Oil |
| title_fullStr |
Middle East and North Africa Economic Developments and Prospects 2006 : Financial Markets in a New Age of Oil |
| title_full_unstemmed |
Middle East and North Africa Economic Developments and Prospects 2006 : Financial Markets in a New Age of Oil |
| title_sort |
middle east and north africa economic developments and prospects 2006 : financial markets in a new age of oil |
| publisher |
Washington, DC: World Bank |
| publishDate |
2016 |
| url |
http://documents.worldbank.org/curated/en/2006/01/7540124/2006-economic-developments-prospects-financial-markets-new-age-oil http://hdl.handle.net/10986/23971 |
| _version_ |
1764455305387704320 |
| spelling |
okr-10986-239712021-04-23T14:04:18Z Middle East and North Africa Economic Developments and Prospects 2006 : Financial Markets in a New Age of Oil World Bank ACCOUNTABILITY ADVERSE IMPACT ARAB REPUBLIC OF AVERAGE OIL PRICE BALANCE BANK DEPOSITS BANK EXPOSURE BANK RESTRUCTURING BANKING SECTOR BANKS BARREL BARRELS PER DAY BUSINESS CLIMATE BUSINESS ENVIRONMENT CAPITAL ADEQUACY CAPITAL FLIGHT CAPITAL FLOWS CAPITAL MARKETS CAPITALIZATION CITIZENS CIVIL LIBERTIES COMPETITIVENESS CONTRACTUAL SAVINGS CORPORATE GOVERNANCE COUNTRY DATA CRIME CRUDE OIL CRUDE OIL PRICES CRUDE OIL PRODUCTION CURRENT EXPENDITURES DEBT DEPOSITS DEVELOPMENT STRATEGIES DIESEL DIRECT INVESTMENT ECONOMIC EXPANSION ECONOMIC GROWTH ECONOMIC OUTCOMES EGYPT ENERGY USE EQUITY CAPITAL EXPORT GROWTH FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR REFORMS FINANCIAL SYSTEMS FORECASTS FOREIGN ASSETS FOREIGN EXCHANGE FREE TRADE FUEL FUEL PRICE FUEL PRICES GASOLINE GASOLINE PRICES GDP GDP PER CAPITA GOVERNANCE REFORM GOVERNMENT FINANCE GROSS DOMESTIC PRODUCT GROWTH PERFORMANCE GROWTH RATE GROWTH RATES HIGHER OIL PRICES HOUSING INCOME INFLATION INVESTMENT CLIMATE INVESTMENT OPPORTUNITIES IRAN ISLAMIC REPUBLIC OF LIQUIDITY LIQUIFIED PETROLEUM GAS LIVING STANDARDS LOW TARIFF M2 MACROECONOMIC PERFORMANCE MIDDLE EAST MULTILATERAL TRADE NATURAL GAS NATURAL GAS PRODUCTION NONPERFORMING LOANS NORTH AFRICA OIL OIL ACCOUNTS OIL EXPORT REVENUES OIL EXPORTERS OIL EXPORTS OIL IMPORT OIL MARKET OIL PRICE OIL PRICES OIL PRODUCERS OIL PRODUCTION OIL PRODUCTION CAPACITY OIL REVENUES OIL SECTOR OPEC OPERATING EFFICIENCY PER CAPITA INCOME PETROCHEMICALS PETROLEUM PETROLEUM EXPORTING COUNTRIES PETROLEUM GAS PIPELINE POWER PRIME MINISTER PRIVATE SECTOR PRIVATIZATION PRODUCTION INCREASES PRODUCTIVITY PROFITABILITY PRUDENTIAL REGULATIONS REAL GDP REGIONAL BANKS RETAINED EARNINGS SAFETY NETS SAVINGS STORAGE FACILITIES SUBSIDIARY TRADE BALANCE TRADE LIBERALIZATION TRADE POLICY TROUGH UNEMPLOYMENT UNEMPLOYMENT RATES WEALTH WORLD OIL PRICES WORLD TRADE ORGANIZATION WTO This edtion of the Middle East and North Africa (MENA) economic developments and prospects reports highlights the recent key economic developments as well as the forces underlying the region's economic outcomes. It analyzes the region's medium term growth prospects given global forecasts, and charts the region?s progress with implementing comprehensive structural reforms needed for longer-term growth. For the third year in a row, MENA enjoyed a spectacular year of growth, buoyed by record high growth rates among the region's oil exporters. As oil prices continued their upward climb, the MENA region grew by an average of 6.0 percent over 2005, up from 5.6 percent over 2004, and compared with average growth of only 3.5 percent over the late 1990s. On an annual basis, MENA's average economic growth over the last three years, at 6.2 percent per year, has been the highest three-year growth period for the region since the late 1970s. MENA's regional growth upturn has not been universally shared, however, and resource poor economies are increasingly feeling the adverse impact of higher oil prices. Growth patterns among oil producers, on the other hand, have been increasingly harmonized, reflecting a trend toward common development strategies. Over the medium term, general conditions for maintaining a solid pace for growth appear promising. The oil shock MENA is experiencing has had important financial spillovers. Over the last few years, MENA has seen an upsurge in financial activity, as abundant liquidity has fed a rapid rise in credit growth, surging stock markets, and a booming real estate sector. A troubling aspect about MENA's financial markets is the seeming disconnect between the financial sector and the real private economy, despite the appearance of a relatively deep financial sector by macroeconomic indicators. Along with across the board policy reform, MENA economies continue to look to selective industrial policies designed to enhance specific sector competitiveness and growth to complement more broad-based structural reform. Although the views on industrial policy are changing, and a variety of economic justifications can be made for their use, MENA's own unsuccessful history with industrial policies (and the difficulty in transitioning out of them) should serve as a cautious reminder that the most effective policies for promoting growth rely on strategies to create a neutral and internationally competitive business environment. 2016-03-30T15:01:19Z 2016-03-30T15:01:19Z 2006 Report http://documents.worldbank.org/curated/en/2006/01/7540124/2006-economic-developments-prospects-financial-markets-new-age-oil http://hdl.handle.net/10986/23971 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC: World Bank Economic & Sector Work Economic & Sector Work :: Economic Updates and Modeling Middle East and North Africa Middle East North Africa |