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"PRIVATE SECTOR GROWTH"
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The growth of private sector and financial development in Saudi Arabia
In an attempt to diversify itself away from the dominance of oil on its economy, Saudi Arabia needs to emphasize on the growth of its private sector. Currently, the private sector's contribution to economic growth is meager as the oil sector dominates the economy. This study attempts to assess the role of financial development towards the growth of the private sector. Assessing this relationship is important, as it is quite probable that the dominant oil sector attracts the financial resources, affecting the private sector adversely. Johansen's method of cointegration is applied on the data for the period 1985-2018. The private sector's gross domestic product has a negative relation with the supply of money, positive relation with bank credit to private sector, and no significant relationship with share market capitalization, as shown by the results of the study. In addition, the private sector's growth has a positive and significant relationship with government expenditure, investment, and trade openness. Hence, the study recommends further strengthening of financial sector services. Besides the current trend on government expenditure, investment and trade openness should continue to enable the private sector to contribute significantly to the economic growth of the country. A previous study on the private sector's growth and financial variables is exclusively missing, and makes this study unique.
Journal Article
Area C and the future of the Palestinian economy
Restrictions on economic activity in area C of the West Bank have been particularly detrimental to the Palestinian economy. Area C constitutes about 61 percent of the West Bank territory. Area C is richly endowed with natural resources and it is contiguous, whereas areas A and B are smaller territorial islands. Mobilizing the area C potential will help a faltering Palestinian economy. Since area C is where the majority of the West Bank's natural resources laid, the impact of these restrictions on the Palestinian economy has been considerable. Thus, the key to Palestinian prosperity continues to lie in the removal of these restrictions with due regard for Israel's security. This report shows that rolling back the restrictions will bring substantial benefits to the Palestinian economy and can usher in a new period of increasing Palestinian gross domestic product (GDP) and substantially improve prospects for sustained growth. This report examines the economic benefits of lifting the restrictions on movement and access as well as other administrative obstacles to Palestinian investment and economic activity in area C. It focuses on the economic potential of area C and does not prejudge the status of any territory which may be subject to negotiations between Palestinians and Israelis. The authors examine potential direct, sector-specific benefits, but also indirect benefits related to improvements in physical and institutional infrastructure, as well as spillover effects to other sectors of the Palestinian economy. Realizing the full potential of such investments requires other changes as well - first, the rolling back of the movement and access restrictions in force outside area C, which prevent the easy export of Palestinian products and inhibit tourists and investors from accessing area C; and second, further reforms by the Palestinian authority to better enable potential investors to register businesses, enforce contracts, and acquire finance.
eBook
Does the Millennium Challenge Corporation reinforce capitalist power structures or empower citizens?
In development practice, how does 'mutual benefit' accrue, and to whom? China criticises America for perpetuating capitalist power relations and claims it can seek a new geopolitical order based on South-South cooperation. Meanwhile, there has been an extraordinary shift of emphasis towards the private sector as a driver of development, but this shift is attracting increasing criticism. The Millennium Challenge Corporation (MCC) - the only development agency to grow in influence under the Trump administration - is evaluated in the light of these two key themes. Neither China nor the private sector is successful in achieving 'mutual benefit' for ordinary citizens - both replicate existing power inequalities. As with the rise of both China and the private sector, the MCC also enmeshes developing countries further into the existing neoliberal capitalist structures. However, the advantages of the agency should not be dismissed outright, as its Ruling Justly and Investing in People indicators can enhance the capacity of citizens to challenge these power structures themselves.
Journal Article
From privilege to competition : unlocking private-led growth in the Middle East and North Africa
By focusing on market institutions, the quality of implementation of economic policies and the credibility of reforms from the private sector perspective, this report offers a new angle to the growth and employment challenge of the Middle East and North Africa region.
eBook
Annual Review of Development Effectiveness 2006
The \"results agenda\" adopted by the World Bank and other donors aims to ensure that development assistance yields sustainable poverty reduction. Effective poverty reduction results from three main factors: sustained and inclusive growth, effective service delivery to the poor, and capable public sector institutions that are accountable to stakeholders for the results they achieve. The Annual Review of Development Effectiveness 2006 assembles evaluative evidence around three questions central to poverty reduction:How effectively has economic growth translated into poverty reduction in Bank-assisted countries and what factors have affected these results? What factors have led to high-quality results in areas that deliver services to the poor? What measures help raise the accountability of public institutions responsible for delivering and sustaining these results?The report identifies three key areas where the World Bank can further strengthen its effectiveness in helping countries reduce poverty.Economic growth has improved in many Bank client countries but a stronger focus on the nature of growth is needed to ensure that such growth leads to jobs for the poor and productivity increases in poorer regions and sectors where the poor earn their incomes. Consistent use of a clearly articulated results chain helps ensure that Bank country assistance programs and individual projects set realistic objectives, that key cross-sectoral constraints to achieving them are adequately considered and that due attention is given to building capacity. A realistic assessment of the political economy of governance-related reforms is needed to tailor efforts to increase the accountability of public sector institutions to local conditions.
eBook
BUSINESS ENVIRONMENT, START-UPS, AND PRODUCTIVITY DURING TRANSITION
The transition paths from plan to market have varied markedly across countries. Central and Eastern European and Baltic countries, which opted for fast and deep reforms including transformation of their business environments, rapidly narrowed the productivity gap with advanced economies. In contrast, in countries of the Commonwealth of Independent States, which embarked on reforms later and with less depth, the productivity gap remains large. Whereas the literature has focused mainly on empirical studies, this paper develops a dynamic search model of firm start-ups that reflects these trends. The model shows that an enabling business climate contributes to start-ups of highly productive firms at an earlier stage of transition, underscoring the importance of early reforms. The role of the state sector as an employer during transition rises in countries where reforming the business environment is particularly costly.
Journal Article
Transition, The First Ten Years
This study looks at lessons to be drawn from the ten-year experience of the transition countries in Eastern Europe and the former Soviet Union in the period 1991 to 2000. The World's Bank \"world Development Report 1996: From Plan to Market\" focused on the transition process during the first half of this period. It recognized that while initial conditions are critical, decisive and sustained reforms are important for recovery of growth and should be accompanied by social policies designed to protect the most vulnerable groups until growth takes hold. Many of the prescriptions of the 1996 World Development Report continue to be valid today. The present study confirms that while initial conditions were critical for explaining the output decline at the start of transition, the intensity of reform policies explains the variability in the recovery of output thereafter. Beyond this, important new lessons highlight some key tradeoffs facing countries in transition that can be translated into priorities for policy. First, this study highlights the key role of the entry and growth of new firms in generating economic growth and in creating employment. A second lesson concerns the need to develop or strengthen legal and regulatory institutions to oversee the management and governance of both private and state enterprises. A third lesson involves recognizing that winners from the early stages of reform may oppose subsequent reforms when these reduce their initially substantial benefits.
Book
Analysis of Infrastructure Investment and Institutional Quality on Living Standards: A Case Study of Pakistan (1990-2013)
In this study, the relationship of Infrastructure Investment and Institutional Quality (CIM) on Living Standards of people was analysed for Pakistan. This paper comprises of trend analysis of institutional quality for different periods of governments of Pakistan coupled with an empirical analysis of the model. The empirical estimates are comprised of unit root test, Johansen Cointegration, VAR analysis and Granger Causality tests for the sample of 1984-2013. The trend analysis depicts fluctuations of Institutional Quality in different governments due to different political conditions of every period. The empirical analysis shows that there exists long standing relationship between the Institutional Quality, Infrastructure Investment and living standards of people. However, the VAR analysis shows that the coefficients of only Institutional Quality and Living Standards of People (previous year i.e. lag variables) resulted significance in affecting living standards of the people. The Granger causality result shows bidirectional and uni-directional relationships among variables. The results in our study indicate bi-directional relationships of Living Standards of People (GDPC) with Institutional Quality (CIM). Secondly, CIM and Infrastructure Investment (Developmental Expenditure) are having uni-directional relationship. Thirdly, Population and Institutional Quality (Contract Intensive Money) are having uni-directional relationship. Fourthly, GDPC and Infrastructure Investment carry a uni-directional relationship.
Journal Article
Restructuring of WAPDA: A Reality or a Myth
Serious financial crisis in Pakistan energy sector, mainly due to poor governance, rising fuel prices and rampant corruption, led to the decision of corporatisation of Water and Power Development Authority (WAPDA) in 1992. However, this decision has been highly debated in the context of its socio economic benefits as the energy crises continues unabated. This study, by using sem i-structured interview from energy experts in the power sector, attempts to find the factors that withheld the positive effects of this decision. The objective is to provide useful input to frame future energy policy to overcome critical energy crises in Pakistan. The study concludes that the decision of corporatisation of WAPDA was a forced decision without proper homework recommended by the International Monetary Fund (IMF) which worked as an obstacle to achieve required targets in context of energy crises. However, expert opinion shows that unbundling of WAPDA if managed adequately in line with the ground realities would help bring in the competition in market and support the neoliberal theory which calls for deregulation of businesses and privatisation of publicly owned assets, thus minimising the state intervention. Therefore, the only choice for the government is to move forward with the reforms to frame efficient and effective power policy. Chile, with successful power reforms, is the example quoted by the experts to be followed by Pakistan to overcome load shedding and black outs.
Journal Article