Introduction: Against the backdrop of a slowing
global economy and lower commodity prices,
economic growth in the Middle East and North
Africa (MENA) is stagnating. The World Bank 2015
MENA Economic Monitor report projects overall
GDP growth to be less than 3% for the third year
running—about 2.8% for 2015 (Figure 1). Low oil
prices, conflicts, and the global economic slowdown
make short-term prospects of recovery unlikely. In a
positive scenario of decreasing tensions in Libya,
Iraq, and Syria, together with recovery in the Euro
area that could boost external demand, growth in the
region could rebound to 4.4 percent in 2016 and the
following year. However, if current circumstances
persist, overall growth is not expected to recover any
time soon.