Policy Outcomes and What Can be Learned by Arab Countries from EEE Economies

Policy Outcomes and What Can be Learned by Arab Countries from EEE Economies

Cristina Boboc (Bucharest University of Economics, Romania) and Emilia Titan (Bucharest University of Economics, Romania)
Copyright: © 2014 |Pages: 17
DOI: 10.4018/978-1-4666-5210-1.ch016
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Abstract

This chapter starts with a short literature review about the opportunities and challenges facing Arab countries. The lessons learnt from EEE countries are then discussed. A synthesis of strengths, weaknesses, opportunities, and threats to the Arab region is also introduced. Based on the conclusions from previous chapters, major inclusive economic policies are developed for the Arab economies. Furthermore, the present chapter devotes a large part to the overall economic and social policies that might be useful in generating additional insights to further the knowledge economy, social inclusion, enterprise creation, and a new environment for better well-being of the population. This could be used by policy makers to formulate coherent reforms for the sustainable development of the region based on knowledge economy principles and according to the particularities of each country and to the previous experiences of other developing countries.
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Literature Review

According to Jaramillo and Mélonio (2011) the Arab Spring has clearly shown the will to change young people of the region, seeking a better education and demand to have easier access to skilled jobs. The economic growth in recent years in Arab region has not been sufficient to absorb the increased labor force, for various reasons: excessive volatility of GDP, demand for labor heavily dominated by public sector too strong dependence of the economy on oil revenues and low value-added products, insufficient integration into the global economy.

El-Darwiche, Shehadi, Abou Chanab, and El Zein (2010) have stated that innovation within the ICT sector can lead to innovation in all sectors of a national economy and thus make it more competitive. Countries of the Arab region have an opportunity to develop a strong innovation culture for their ICT sectors by fostering technology startups, creating business-friendly policies and regulations in such areas as patent filings, and devoting a larger percentage of their GDP to R&D. Some sectors with strong local potential are Arabic and Islamic services and applications, IT services and smart devices for the energy and utilities sectors, e-education and e-health systems, and devices and systems for urban and infrastructure management.

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