To what degree are trade liberalization, productivity, and
economic growth correlated? Can economic policies designed to
encourage competition and curtail industry protection result in
large-scale improvements, such as increased innovation and reduced
unemployment?
After 20 years of economic reform in the Middle East and North
Africa (MENA), economic performance is still lagging behind many
regions of the world. Even in those countries that are the most
advanced in implementing reforms, including Egypt, Jordan, Morocco
and Tunisia, industries with low productivity growth and high
market power continue to dominate. Moreover, the termination of the
Multi-Fiber Agreement and the negotiations concerning further
liberalization of trade in agricultural products (under the
framework of the World Trade Organization) put these and other
countries under pressure of fierce competition from emerging
nations.
Recent empirical evidence on the impact of reforms in a number
of developing countries shows that such persistence of inefficiency
and market power is specific to MENA. Showcasing in-depth analyses
from Jordan, Morocco, Tunisia, and Turkey (with comparative data
from Asia and Latin America), this book focuses on the dynamics of
firm entry and exit to help explain the low productivity of the
region. The results suggest a number of policy recommendations
designed to foster competition, which, in turn, would contribute to
innovation, productivity growth, and improved return on capital
investments. The book not only reveals important correlations among
policy and market factors in MENA, but suggests fruitful areas of
research in other developing regions of the world.
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