Private sector key to development in Middle East, North Africa
Arab governments need to give room and encourage private sector growth if they’re serious about developing their economies.
There is no other region in the world where supporting the private sector is as important as it is in the Middle East and North Africa (MENA). Three years on from the Arab Spring, many countries in the region continue to struggle with their political and economic fallout: prolonged political transitions, slow growth, high fiscal and current account deficits, staggering unemployment and tepid private investment (both domestic and foreign). The Arab Spring has also brought renewed attention to already existing problems, such as:
- High unemployment levels, especially among the youth.
- Insufficient accountability and transparency.
- An unwieldy public sector dominated by state-owned enterprises.
- A low level of private-sector participation in the economy.
