Turkey is facing its first recession since 2009: economic growth contracted in the last two quarter of 2018 by -1.6% and -2.4%, respectively. As a result, Turkey’s economy only grew 2.6 % in all of 2018, compared to 7.4% in 2017 and an average of 6.8% in the period between 2010 and 2017. According to the latest OECD estimates, this year Turkey’s GDP will decrease by 1.8%.
The process of economic development in China has always been characterized by a remarkable regional heterogeneity due not only to specific amenities and local factors (such as geographical position, demographic structure, resources, and so on), but also to the development policies implemented by central and local authorities over time.
The two adjustment programmes that Greece accepted in 2010 and 2012 went off track for one main reason: the recession was much deeper than anticipated. The exceptional downturn of the Greek economy was attributable to two main reasons: the extraordinary fall in investment and the lack of export recovery.
Egypt still lags behind other southern Mediterranean countries in several social, economic and business development indicators. Not with standing an historically solid growth recorded (4.2 per cent on average in the last two decades, slightly below the MENA region average of 4.7 per cent), per capita income remains one of the lowest in the region (around US$ 10,900 at Purchasing Power Parity - PPP), unemployment is persistently high (again above 10 per cent since 2011) and a large share of the population continues to live in poverty (more than a quarter below the national p
Abenomics is at a crisis point. The economy slipped back into recession in Q3, prompting a delay to the second planned consumption tax hike and a snap election. The Bank of Japan meanwhile has also reacted to weak growth by expanding its monetary easing programme. The latter decision may avoid a return to deflation but unless the ‘third arrow’ of Abenomics – structural reform – is activated, Japan’s relative economic decline is set to continue.
Iraq is expected to be one of the fastest growing countries in the world and the country could experience further growth, if Oil & Gas legislation and regulatory reform are approved. Recent years have clearly shown that Iraq’s socio-economic problems can be attributed to the ineffective use of oil revenues and to weak institutions, which have become a constraint to delivering even basic services. This paper shows that Iraq has made limited economic progress and will demonstrate that without sound institutions and social cohesion it is impossible to make significant economic progress. Since oil is the country main drive for economic growth, the paper will discuss the potential of implementing the “National Energy Strategy” to meet domestic energy needs; foster the growth of a diversified national economy; improve the standard of living of Iraqi citizens and create employment. The analysis will also demonstrate that the new energy strategy could make Iraq one of the most powerful economies in the region but that this is highly contingent on its having sound and robust institutions. If this is not achieved, the country could move towards what is commonly referred to as the “Oil Curse”.
Kamal Field Al-Basri and Mudhar Al-Sebahi, Iraqi Institute for Economic Reform, Baghdad, Iraq.