Title: Middle East and North Africa Quarterly Economic Brief, January 2015: Plunging Oil Prices
Abstract: No AccessMiddle East and North Africa Economic Update14 Jan 2016Middle East and North Africa Quarterly Economic Brief, January 2015: Plunging Oil PricesAuthors/Editors: Shantayanan DevarajanShantayanan Devarajanhttps://doi.org/10.1596/978-1-4648-0538-7SectionsAboutPDF (1.8 MB) ToolsAdd to favoritesDownload CitationsTrack Citations ShareFacebookTwitterLinked In Abstract: In the three months since most observers, including the World Bank, issued their last forecasts, the Middle East and North Africa (MENA) Region has changed substantially. Political tensions have eased somewhat with presidential and legislative elections completed in a few countries. Egypt's cabinet approved the electoral constituencies' law, the last step before calling for the House of Representatives elections, the final milestone in the political roadmap initiated in July 2013. Presidential elections were held in Tunisia, with Beji Caid Essebsi sworn in as the new president in December. Iran's nuclear talks with the P5+1 were extended for 6 months--while bilateral talks continue—with the aim of reaching a deal in July 2015. In Iraq, the government and the Kurdish region reached an agreement in December resolving a longstanding dispute over the budget and distribution of oil revenues. Meanwhile, Lebanon, Yemen and Libya still struggle to maintain a functional government. The global economy is estimated to have expanded by 2.6 percent (q/q annualized rate), better than the second quarter of 2014, but unchanged from the slow pace seen in 2012 and 2013. But the most important development is that international oil prices have literally collapsed, reaching a level below $50 per barrel (Brent crude) in early January, a drop of 50 percent since their peak in mid-June 2014. Previous bookNext book FiguresreferencesRecommendeddetails View Published: January 2015ISBN: 978-1-4648-0538-7 Copyright & Permissions Related RegionsMiddle East and North AfricaRelated TopicsEnergyEnvironmentMacroeconomics and Economic Growth KeywordsARAB SPRINGMENADEVELOPMENT ECONOMICSECONOMIC GROWTHECONOMIC POLICYOIL EXPORTERSINVESTMENTVOLATILITYPOVERTYTRANSITION COUNTRIESGROWTHARAB TRANSITION COUNTRIESOIL IMPORTERSOIL PRICES PDF DownloadLoading ...
Publication Year: 2015
Publication Date: 2015-01-26
Language: en
Type: book
Indexed In: ['crossref']
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Cited By Count: 6
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