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The Economic Impact of IMF and World Bank Programs in the Middle East and North Africa: A Case Study of Jordan, Egypt, Morocco and Tunisia, 1983 - 2004

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  • Harrigan Jane R

    (School of Oriental and African Studies - University of London)

  • El-Said Hamed

    (Manchester Metropolitan University Business School)

Abstract

This paper examines whether the economic reforms attached to IMF and World Bank policy-based lending in the Middle East and North Africa have stimulated sustained economic growth. In order to investigate this, we chose four countries to study in depth: Jordan, Egypt, Tunisia and Morocco. These were chosen as they have been put forward by both the IMF and the World Bank as successful reformers who, for prolonged periods, carried out World Bank and IMF guided economic reform programs. We examine the sources of growth during the reform period in these four countries, looking at intensive versus extensive growth, growth in the tradables sector versus the non-tradables sector and growth caused by the reforms versus growth caused by exogenous factors. We discovered that the reform programs in all four countries were associated with spurts of economic growth, but that, apart from Tunisia, this was not sustained, with intensive growth in the tradables sector stimulated by the reform program.

Suggested Citation

  • Harrigan Jane R & El-Said Hamed, 2010. "The Economic Impact of IMF and World Bank Programs in the Middle East and North Africa: A Case Study of Jordan, Egypt, Morocco and Tunisia, 1983 - 2004," Review of Middle East Economics and Finance, De Gruyter, vol. 6(2), pages 1-25, November.
    • Handle: RePEc:bpj:rmeecf:v:6:y:2010:i:2:n:1
    DOI: 10.2202/1475-3693.1261
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    References listed on IDEAS

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    1. Jane Harrigan & Hamed El-Said & Chengang Wang, 2006. "The IMF and the World Bank in Jordan: A case of over optimism and elusive growth," The Review of International Organizations, Springer, vol. 1(3), pages 263-292, September.
    2. Massoud Karshenas, 1994. "Structural Adjustment and Employment in the Middle East and North Africa," Working Papers 9420, Economic Research Forum, revised 12 Aug 1994.
    3. John Page, 1998. "From Boom to Bust — and Back? The Crisis of Growth in the Middle East and North Africa," Palgrave Macmillan Books, in: Nemat Shafik (ed.), Prospects for Middle Eastern and North African Economies, chapter 5, pages 133-158, Palgrave Macmillan.
    4. Mohammed Omran, 2002. "Testing for a Significant Change in the Egyptian Economy Under the Economic Reform Programme Era," WIDER Working Paper Series DP2002-59, World Institute for Development Economic Research (UNU-WIDER).
    5. Michael Lipton, 1987. "Limits of Price Policy for Agriculture: Which Way for the World Bank?," Development Policy Review, Overseas Development Institute, vol. 5(2), pages 197-215, June.
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    Cited by:

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    2. Tayem Ghada, 2015. "Does Foreign Ownership Increase Firms’ Productivity? Evidence from Firms Listed on Amman Stock Exchange," Review of Middle East Economics and Finance, De Gruyter, vol. 11(1), pages 25-54, April.
    3. Raja Zekri Ben Hamouda & Faouzi Jilani, 2023. "Impact of the Global Financial Crisis and the Tunisia’s Jasmine Revolution on the Corporate Capital Structure: Evidence from Four Arab Countries," International Journal of Economics and Financial Issues, Econjournals, vol. 13(6), pages 124-134, November.

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