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Toward New Horizons
The changing political landscape in the Arab world has created opportunities for economic transformation by tackling long-standing economic issues. Nevertheless, three years after the onset of political transition, implementing necessary economic policies has proven to be challenging. This paper lays out key elements of economic policy reform for Arab countries in transition.
Structural Reforms in Southeastern Europe Since the Kosovo Conflict
This study examines the progress made by the countries of south-east Europe (Albania, Bosnia and Herzegovina, Bulgaria, Croatia, FYR Macedonia, Romania, and the Federal Republic of Yugoslavia) towards implementing structural economic reforms in the three years since the end of the Kosovo conflict, as well as considering the challenges that lie ahead. It discusses four key areas of reform: strengthening public finances and fighting corruption; creating a liberal trade environment; encouraging foreign investment; and fostering the growth of private markets.
Vers de nouveaux horizons : La transformation économique sur fond de transition politique dans le monde arabe
Les mutations du paysage politique dans le monde arabe ouvrent des perspectives pour transformer l'économie en remédiant à des problèmes économiques de longue date. Néanmoins, trois ans après le début de la transition politique dans le monde arabe, force est de constater qu'il a été difficile de gérer les transitions et de mettre en œuvre les réformes économiques nécessaires. Ce document présente des éléments de réformes essentiels dans le domaine de la politique économique pour les pays arabes en transition.
Internal Labor Mobility in Central Europe and the Baltic Region
Large regional disparities in labor market indicators exist in Central Europe and the Baltic region. Such disparities appear to be persistent over time indicating, in part, a lack of flexibility in the prevailing adjustment mechanisms. Internal labor mobility is often seen as an important instrument to reduce adjustment costs when other mechanisms fail. Drawing from a variety of data sources and utilizing a common empirical framework and estimation strategy, this study identifies patterns and statistical profiles of geographical mobility. It finds internal migration to be generalily low and highly concentrated among better-educated, young, and single workers. This suggests that migration is more likely to reinforce existing inequalities than to act as an equalizing phenomenon. By way of contrast, commuting flows have grown over time and are more responsive to regional economic differentials. The findings suggest the need for appropriate and country-tailored policy measures designed to increase the responsiveness of labor flows to market conditions.
Sudan
This 2017 Article IV Consultation highlights that the economic conditions in Sudan have been challenging since the secession of South Sudan in 2011 and the loss of the bulk of oil production and exports. The authorities have implemented partial policy adjustments to help stabilize the economy and reestablish growth, most recently by allowing for greater exchange rate flexibility and reducing fuel subsidies. The current account deficit (cash basis) is expected to decline by 3.25 percentage points to 2.75 percent of GDP in 2017. Data for the first half of 2017 indicate weaker real domestic demand, partly offset by a strengthening contribution from net exports.
The Economics of Political Transitions
Over the past two years, ongoing political transitions in many Arab countries have led to social unrest and an economic downturn. This paper examines comparable historical episodes of political instability to derive implications for the near- and medium-term economic outlook in the Arab countries in transition. In general, past episodes of political instability were characterized by a sharp deterioration in macroeconomic outcomes and a sluggish recovery over the medium term. Recent economic developments in the Arab countries in transition seem to be unfolding along similar lines, although the weak external environment and large fiscal vulnerabilities could result in a prolonged slump.
The World Bank Group and the Global Food Crisis
The unanticipated spike in international food prices in 2007-08 hit many developing countries hard. This evaluation assesses the effectiveness of the World Bank Group response in addressing the short-term impacts of the food price crisis and in enhancing the resilience of countries to future shocks.
Pakistan
This paper discusses economic performance status and policy developments of Pakistan. Amid setbacks to structural reform, the authorities have made substantial progress in restoring economic stability. Economic activity continues to strengthen gradually. International reserve buffers are increasing amid a broadly stable current account deficit. However, there are number of risks to the economy. Slower growth in key advanced markets such as China and the Gulf can further erode export competiveness. The Pakistani government is determined to maintain fiscal consolidation in FY 2015/16 and over the medium term. Continued tax administration reforms are important for further improving tax compliance and supporting revenue mobilization.
Subsidy Reform in the Middle East and North Africa
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.
