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WB calls for greater cooperation with private sector to revive MENA economies
25-4-2017
The World Bank (WB) published a report last week on the Economic Prospects in the Middle East and North Africa- April 2017 highlighting the significant developments in the economies of the region and the impact of the present crises on growth. Entitled, ‘Economics of Post Conflict Reconstruction’, the report draws attention to the improvement in the political and security situation in Lebanon in the wake of the presidential elections and the formation of the cabinet, estimating the growth of GDP in 2016 at 1.8% (compared to 1.3% in 2015). The public finance has recorded a 10% deficit in GDP in 2016 and a surge in imports to Lebanon against a decline in Lebanese exports, which led to a widening deficit in trade balance, according to the WB report. The report also pointed out to a fall in remittances from Lebanese emigrants and an associated decrease in the flow of capital to the country. In parallel, the financial manipulation by Banque du Liban was sufficient to recuperate reserves in foreign currency, the report noted, anticipating a growth by 2.5% in 2017 to settle at 2.6% in the medium term (2018 and 2019). The report moreover indicated that the crisis in Syria remains the biggest challenge for economic recovery in Lebanon which hosts the largest number of Syrian refugees. A set of hazards still faces the country, notably, the precarious political and security conditions, as well as the inefficiency and unproductivity of the public sector at multiple levels. This, the report went on to say, requires the introduction of immediate reforms and an effective cooperation with the private sector. In conclusion, the report anticipated the fiscal deficit to fall slightly to 9.5% in 2017, 9.8% in 2018, and 9.4% in 2019. (Al Diyar, April 24, 2017)
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