Understanding and Avoiding the Oil Curse in Resource-rich Arab Economies [Hardcover]

A variety of perspectives from leading economists provides fresh insight into how Arab countries may best exploit their oil revenues.The 'oil curse' is a common phrase used to describe how oil-rich Arab countries often fall behind others in terms of economic growth. In this book, leading economists provide fresh insight into how resource-dependent Arab countries can best exploit their oil revenues through macroeconomic management, industrial policy and political reforms.The 'oil curse' is a common phrase used to describe how oil-rich Arab countries often fall behind others in terms of economic growth. In this book, leading economists provide fresh insight into how resource-dependent Arab countries can best exploit their oil revenues through macroeconomic management, industrial policy and political reforms.For over eighty years the Arab region has derived massive wealth from its natural resources, yet the region's economies remain little diversified, while the oil market is experiencing major structural shifts with the advent of shale gas. Moreover, the resource itself is eventually exhaustible. Under these conditions economic prosperity cannot be sustainable. The critical question is how can the countries of this region escape the 'oil curse'? In this volume, leading economists argue that the curse is not a predestined outcome but a result of weak institutions and bad governance. A variety of analytical perspectives and examination of various international case studies leads to the conclusion that natural resources can only spur economic development when combined with sound political institutions and effective economic governance. This volume, with its unique focus on the Arab region, will be an important reference for researchers and policymakers alike.Foreword Ahmed Galal; Acknowledgements Ibrahim Elbadawi and Hoda Selim; 1. Overview of context, issues and summary Ibrahim Elbadawi and Hoda Selim; 2. The global impact of the systemic economies and MENA business cycl³"