MENA’s Growth Presents Opportunities, but Challenges Remain

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On the fiscal front, lower oil prices turned current account surpluses into deficits which will need to be addressed by tax revenue measures and a reduction in spending on public wages and subsidies. In terms of structural adjustments, these countries will need to diversify their economies as well as broaden employment by increasing labor participation in the private sector. Across the region, the transformation of the operating model has not been uniform and these adjustments are occurring at a diverging pace. Some countries have implemented reforms and taken harsh measures which are beginning to yield some benefits; however other countries have yet to adapt. As a result, it is important to differentiate across the approximately 20 MENA countries that issue external debt.