By promoting efficiency in allocating investments, mature financial markets contribute to productivity in five ways. They identify productive projects and efficient firms, improve the management of risk, promote corporate governance, mobilize savings and minimize the adverse effects of financial shocks.
Over the past quarter of a century, annual real per capita growth in the Middle East and north Africa (MENA) has averaged only 0.5%, in contrast to an average of nearly 2% in the developing world as a whole.
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