Tuesday, November 08, 2005

ECONOMIC TRANSFORMATION IN THE MIDDLE EAST : AN AMERICAN POINT OF VIEW

A few remarks about the economic performance of key players in the Middle East. Special Thanks to Ambassador Charles Ries for this contribution, based on his speech to American-Hellenic Chamber 16th Annual Conference in Athens, Greece.

ISRAEL : Disengagement from Gaza will provide additional impetus to the Israeli economy, which the Government has reformed over the past two years with drastic changes to pension and tax systems, and significant reductions in government spending. This has helped Israel bring down its deficit and begin to reduce its national debt. The changes also have helped move Israel out of the worst recession in its history and begin to grow strongly.

JORDAN : Since King Abdullah II succeeded to the throne in 1999, the nation has taken a number of steps to encourage foreign investment and economic activity. Jordan acceded to the World Trade Organization in April 2000. In addition, a U.S.- Jordan Free Trade Agreement entered into force in 2001. Jordan has undertaken key reforms in the information technology, pharmaceuticals, tourism and service sectors. It is implementing ambitious foreign and domestic investment laws that grant specific incentives to industry, agriculture and other sectors. In May 2001, the government converted the Aqaba port and surrounding area into a Special Economic Zone offering special incentives to investors.

EGYPT : On September 7, Egypt held its first-ever multi-candidate presidential election. This complemented important economic changes underway. The new cabinet embarked on energetic economic reform. The reformers successfully floated the Egyptian pound, reduced tariffs, moved to reform the financial sector, introduced measures in Parliament to simplify the tax structure while lowering rates, and reduced the amount of red tape necessary to conduct business. The result ? An economy that is now growing at a 4% clip.

8 Comments:

At 7:43 AM, Blogger Smokey said...

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At 8:59 AM, Blogger Kerstin said...

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At 12:55 PM, Blogger Gustav said...

Jannis, I'd turn on word verification if I were you

 
At 12:57 PM, Blogger Gustav said...

And yes, those are some very interesting examples of economic success stories in the Middle East.

But then again, I'm American. Does that make me biased?

 
At 2:05 PM, Blogger JANNIS said...

Thanks for your comments and for your advise, Gustav.
And I guess you are not biased, just because you are American. I mean, nobody is born biased, right?

 
At 11:17 PM, Blogger Alex said...

thanks for your comment on my blog. I checked out your blog and I willdefinitely stop by here again.

and do what gustav said if you won't get all that spam anymore!
go to help.blogger.com and look for word verification.

weiter so!!!

 
At 11:58 PM, Blogger JANNIS said...

Danke fuer den Tip, mache ich !
An alle Native (oder auch weniger "Native") German Speakers: Bitte um Beitraege, Deutsch soll eine wichtige Sprache von "Globalize it !" werden...

 
At 6:41 PM, Blogger Beng said...

Hi Jannis, thanks for visiting my blog! I'm thrilled that you're interested to know more about my country Singapore! Bloggers have been actively blogging about living in Singapore, so you may wanna take a look at this aggregator: http://www.tomorrow.sg

 

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