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The Response of Arab Region to Overcome Global Financial Crisis

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  • Omar Ghazy Aziz

Abstract

The main objective of this study is to analyze the policies adopted by Arab countries to recover from the global financial crisis (GFC) in 2008. The study highlights the fiscal and monetary policies that were applied by Arab countries to maintain economic activity. The study shows that Arab countries primarily relied on a mix of fiscal policies to stimulate the economy. As a result, the accumulated oil revenues enabled them to respond quickly, preventing a deeper deceleration in growth and also supporting a growth rebound. However, for countries with limited fiscal space, macroeconomic and oil revenue management became more challenging. Strategies aimed at increasing non-oil sources of growth are recommended to help reduce the vulnerability of these countries to excessive oil price volatility. JEL Classifications : E520, E620, O40, P470

Suggested Citation

  • Omar Ghazy Aziz, 2021. "The Response of Arab Region to Overcome Global Financial Crisis," The American Economist, Sage Publications, vol. 66(2), pages 241-248, October.
    • Handle: RePEc:sae:amerec:v:66:y:2021:i:2:p:241-248
    DOI: 10.1177/0569434520938322
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    References listed on IDEAS

    as
    1. Malik, Adeel & Awadallah, Bassem, 2013. "The Economics of the Arab Spring," World Development, Elsevier, vol. 45(C), pages 296-313.
    2. Daniela Gressani & Auguste Tano Kouame, 2009. "The Global Financial and Economic Crisis : Transmission Channels and Policy Response in the Arab world," World Bank Publications - Reports 10999, The World Bank Group.
    3. Oecd, 2009. "Employment and Social Protection," OECD Journal on Development, OECD Publishing, vol. 9(4), pages 7-54.
    4. Laura Alfaro & Maggie Xiaoyang Chen, 2012. "Surviving the Global Financial Crisis: Foreign Ownership and Establishment Performance," American Economic Journal: Economic Policy, American Economic Association, vol. 4(3), pages 30-55, August.
    5. Mustapha Rouis, 2013. "Response of the Arab Donors to the Global Financial Crisis and the Arab Spring," World Bank Publications - Reports 20556, The World Bank Group.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    growth; GFC; fiscal policy; Arab region; GCC;
    All these keywords.

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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