By Masood Ahmed
(Version in عربي)
As we launch the IMF’s Arabic blog, Economic Window, we are witnessing an historic shift in the Middle East and North Africa (MENA). It is clear that the popular uprisings that began 10 months ago were born of a desire for greater freedom and for a more widespread and fairer distribution of economic opportunities.
But the scale of protests in the region and the associated deplorable loss of life came as a surprise to everyone, including us at the IMF.
Like others, we had pointed to the ticking time bomb of high unemployment, but we did not anticipate the consequences of the unequal access to opportunities. We had focused our efforts on helping countries in the region build solid macroeconomic foundations, liberalize economic activity, and introduce market-based reforms that would generate higher economic growth. IMF lending, policy advice, and technical assistance have indeed contributed to improving the economic indicators of many countries in the region. However, with hindsight, it is clear that we were not paying enough attention to how the benefits of economic growth were being shared.
Filed under: Economic Crisis, Emerging Markets, Employment, Financial Crisis, Fiscal Stimulus, growth, Inequality, Middle East, Public debt, عربي | Tagged: Arab Spring, IMF Arabic blog, jobs, lessons, Masood Ahmed, subsidies, unemployment | 6 Comments »