Economic Integration in MENA : The GCC, the Maghreb, and the Mashreq
Though the Middle East and North Africa (MENA) region has weathered the recent global financial and economic crisis relatively well, it still faces daunting medium-term challenges. These include high unemployment (especially among young people), vu...
| Main Authors: | , |
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| Format: | Brief |
| Language: | English |
| Published: |
World Bank, Washington, DC
2012
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2010/10/13724907/economic-integration-mena-gcc-maghreb-mashreq http://hdl.handle.net/10986/10913 |
| Summary: | Though the Middle East and North Africa
(MENA) region has weathered the recent global financial and
economic crisis relatively well, it still faces daunting
medium-term challenges. These include high unemployment
(especially among young people), vulnerability to oil and
food price shocks and water scarcity and inefficiencies of
public sectors. Integration of the region into the global
economy has been slow. Of particular concern is the
stagnation in the region's share of global non-oil
exports, an indication of missed opportunities for
diversification and growth. Integration within the region,
while rising, is also on the low side when compared with
other middle- and high-income regional blocs. To start off
the removal of intraregional tariffs under the Pan-Arab Free
Trade Area (PAFTA) and the adoption of low common tariffs by
the Gulf Cooperation Council (GCC) which coupled with
improvements in infrastructure, especially roads and
telecommunications is generating benefits. But much remains
to be done, especially in reducing nontariff barriers to
trade, harmonizing policies and procedures, and facilitating
cross-border trade through development of infrastructure
links and trade facilitation. Fortunately, trade in services
has recently emerged on the agenda of national and regional
authorities; this is an area of substantial potential
welfare gain for the region. |
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