Economic Growth & Challenges in North Africa and the Middle East

Strategic Implications from the 2024 World Bank and IMF Meetings

Tuesday November 19, 2024 - The JHU SAIS Foreign Policy Institute’s North Africa Initiative and the SAIS MENA Club hosted an Event on “Economic Growth and Challenges in North Africa and the Middle East” in light of the 2024 World Bank and the IMF Regional Economic Outlooks. The Event featured welcome remarks by Professor Vali Nasr, Majid Khadduri Professor of Middle East Studies and International Affairs at SAIS, and interventions by Dr. Roberta Gatti, Chief Economist of the Middle East and North Africa (MENA) region at the World Bank Group, Ms. Taline Koranchelian, Deputy Director in the Middle East and Central Asia Department at the International Monetary Fund, and Dr. Amr Hamzawy, Director of the Middle East Program at Carnegie Endowment for International Peace. The panel discussion was moderated by Hafed Al-Ghwell, NAI Executive Director.

During his opening remarks, Professor Nasr tackles the region’s trajectory in light of the Arab Spring and the War on Gaza where he provided a profound lens through which to understand the enduring challenges of regional insecurity. Moreover, Ms. Gatti discussed the role of the World Bank in navigating the dynamics of economic growth, the ramifications of uncertainty, and the impact of ongoing conflicts on development in North Africa with a particular focus on human capital and productivity. From the IMF perspective, Ms. Koranchelian talked about the multifaceted impact of direct conflicts, spillover effects, and broader factors including oil production, exports, and country-specific issues such as climate change and drought, while reiterating the importance of governance reforms, state footprints, labor force participation, and trade integration for better economic growth in the region. With a more political lens, Dr. Hamzawy reflected on the main challenges the region is currently facing which include the indirect costs of decades-long regional conflicts, the geostrategic risks posed by state and non-state actors, and the profound human toll on economies and societies. He added the significance of governance reform, women’s inclusion, renewable energy, and regional security for fostering regional stability and growth.”