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The 2010 economic freedom of the arab world report main findings and policy implications

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    The 2010 economic freedom of the arab world report   main findings and policy implications The 2010 economic freedom of the arab world report main findings and policy implications Presentation Transcript

    • Arab World Economies Arab World Economic Freedom IRF November 2010
    • Kerosene Lamp
    • Studying under the street lights
    • Night Satellite photo of the World
    • Pakistan
    • North Korea
    • Canada
    • Inherited Prosperity • Prosperity is derived from selling inherited natural resources or real estate. • Prosperity is limited by the amount of natural resources available, and ultimately temporary. • Focus gravitates towards the distribution of wealth as interest groups seek a bigger share. • Government is the central actor in the economy as the owner and distributor of wealth.
    • Created Prosperity • Prosperity is derived from creating valuable products and services • Prosperity is created by firms • Prosperity is unlimited, based only by the innovativeness and productivity of companies • Creating the conditions for productivity and innovation are the central policy question • Companies are the central actors in the economy • The government’s role is to create the enabling conditions
    •  Consumer Spending  Government Spending  Export Development Create demand and access to disposal income
    •  Global recession will not affect the Arab World as predicted.  Resource rich countries maintained high government spending.  Labor abundant countries will have delay effect due to low remittance, reduced FDI and reduced tourists inflow.  Countries less globally integrated will not to be severely affected.
    • 1 Size of the government  Gov. influence in economic or business decisions (incentives/subsidies, legislation, ownership and government expenditure) .  Size of the government as net producer and consumer ( percentage of GDP).  Number, scale and types of government. Enterprises.  Taxation.
    • Size of Government Source: IRF - 2010 Country Score Lebanon 8.4 Comoros 8.3 W. Bank Gaza 7.2 Egypt 7.1 Oman 5.3 Djibouti 5.3 KSA 5.0 Algeria 4.6
    • 2 - Legal Structure  Impartiality of judiciary  Independence  Access to justice  Efficiency and speed of legal system  Protection of property rights  Enforcement of Contracts
    • 2- Legal Structure Source: IRF - 2010 Country Score KSA 8.2 Oman 8.0 Kuwait 7.8 Mauritania 7.7 Algeria 5.8 Syria 5.7 Iraq 4.2 Somalia 1.3
    • 3 - Access to Sound Money  Power, responsibility and independence of the Central Bank.  Inflation rate.  Access to foreign currencies.  Local/foreign currency controls.
    • 3- Access to Sound Money Source: IRF - 2010 Country Score Bahrain 9.1 Kuwait 8.9 Lebanon 8.8 KSA 8.6 Mauritania 5.8 Sudan 5.6 Iraq 5.4 Libya 5.2
    • 4 – Freedom to exchange with foreigners  Taxes on international trade.  Regulatory trade barriers.  International capital market controls.  Access to foreign capital  Restrictions on foreign capital transactions
    • 4- Freedom to Exchange with foreigners Source: IRF - 2010 Country Score Yemen 8.7 Bahrain 8.4 Qatar 8.2 Jordan 8 Morocco 5.3 Algeria 5.1 Syria 5.1 Tunisia 4.9
    • 5 - Regulation of credit,labour & business  Credit market regulations (banks, extension of credit, interest rate controls)  Labour market regulations (localization of labour, impact of minimum wage, hiring and firing practices)  Business regulations (price controls, barriers to enter new business, effect of bureaucracy on business efficiency/productivity
    • 5 - Regulations of Credit, Labor, & business Source: IRF - 2010 Country Score Bahrain 8.7 KSA 8.1 Lebanon 8 Oman 7.9 Egypt 5.9 Sudan 5.9 Mauritania 5.8 Syria 5.5
    • Summary Ratings Source: IRF - 2010 Country Score Bahrain 8 Kuwait 7.8 Lebanon 7.6 Oman 7.5 Mauritania 6.3 Tunisia 6.3 Syria 5.7 Algeria 5.5
    • Thank You