Economic Research Forum (ERF)

Adnan Mazarei

Author

Adnan Mazarei
Nonresident Senior Fellow, Peterson Institute for International Economics

Adnan Mazarei joined the Peterson Institute for International Economics as a nonresident senior fellow in January 2019. His work at the Institute focuses on the major economies of the Middle East and Central Asia and the long-term financial and macroeconomic challenges they face. Previously he was a deputy director at the International Monetary Fund (IMF), where he worked on resolving various financial crises in emerging markets, including the 1998 Russian financial crisis. In addition, he contributed to the IMF's policy work on international financial architecture and sovereign debt issues. He helped prepare the Santiago Principles that established best practices and guidelines for managing sovereign wealth funds. Between 2002 and 2005, he served as advisor to IMF management. More recently, Mazarei helped manage the IMF's strategy and global coordination of the support for the Arab Spring countries and for the economic policy response to the recent conflicts and refugee crisis in the Middle East. Mazarei earned his PhD in economics from the University of California, Los Angeles. He has authored several articles on economic policy and a book on sovereign wealth funds.

Content by this Author

Debt clouds over the Middle East

A number of MENA countries face high debt levels. Egypt, Jordan, and Tunisia are in a precarious situation. Lebanon is already in default. These debt difficulties are rooted in persistent structural issues related to governance and regulatory frameworks and bloated public sectors. The situation has been exacerbated by global economic fluctuations, the pandemic, and Russia’s invasion of Ukraine. Unless reforms are made quickly, debt restructurings may become inevitable. If inevitable, it is preferable to do them preemptively, as part of a broader set of corrective actions.

What will it take to achieve an energy transition in MENA?

An energy transition will require a coordinated global shift in both the supply and demand for fossil fuels and cleaner energy. As explained in this post by the Center for Global Development, multilateral institutions can play an important role, helping to bolster international technology transfers to the Middle East and North Africa, as well as scaling up investment and trade in clean energy to facilitate the global energy transition. Given the potential in the region for solar power, MENA could remain a global hub – but this time for clean energy.

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Reformed foreign ownership rules in UAE: the impact on business entry

In an effort to stimulate economic growth and diversify the economy, the government of the United Arab Emirates has recently implemented regulatory reform that allows 100% foreign ownership of companies operating in the country. This column examines the implications of the reform for entry of new firms in Dubai, using unique data on new business licences in the emirate.

Conflict and debt in the Middle East and North Africa

With the global economy is in its third year of deceleration amid declining inflation and oil prices, the Middle East and North Africa grew by just 1.9% in 2023, with a forecast for growth in 2024 at 2.7%. In addition to heightened uncertainty brought on by the conflict centred in Gaza, many countries in the region are also grappling with pre-existing vulnerabilities, including rising debt levels. This column summarises a new report that unpacks the nature of debt in MENA – and explains the critical importance of keeping rising debt stocks in check.

Sanctions and carbon emissions in Iran

How are Iran’s energy use and emissions of carbon dioxide affected by the imposition of economic sanctions? This column summarises new research that analyses a range of different scenarios and which takes account of multiple economic, social and environmental dimensions, notably what happens to growth and energy intensity, and whether sanctions are lifted.

Making aid-for-trade more effective in the MENA region

Aid-for-trade represents an important opportunity for developing countries to enhance their trade capacities. But the positive effect of aid-for-trade on exports can hinge on the quality of institutions in recipient countries. According to research reported in this column, in the Middle East and North Africa, it is specific aid types – such as aid to support trade policy reform and aid to enhance productive capacities – that matter most for exports.

Can a free trade area in services boost trade within the Arab region?

With trade in goods among Arab countries remaining modest, trade in services could play the pivotal role of an engine of growth in economic integration within the region, as well greater participation in global value chains. This column outlines progress to date and what needs to be done to make a success of AFTAS, the Arab free trade area in services.

Natural disaster literacy in Iran: survey evidence from Tehran

The frequent floods, earthquakes, and heat waves in the Middle East and North Africa underscore the urgent need to assess the region's preparedness for natural disasters. This column summarizes the state of 'natural disaster literacy' in various parts of Tehran, the capital of Iran and one of the most populous metropolitan areas in MENA. Data from a survey conducted in the winter of 2020/21 enabled the development of a disaster literacy index, which helps to identify the city's most vulnerable districts.

Economic roots of early marriage in Iran

Despite the documented harms of being married off before the age of 18, particularly for girls, early marriage remains common in parts of Iran. This column summarises research that sheds light on the economic factors that drive this practice, using unique provincial data to show that poverty, inflation and income inequality are key determinants –while religiosity is not. The findings suggest that economic policies can play a crucial role in reducing the prevalence of child marriage.

Should Arab countries join the WTO’s agreement on government procurement?

Not all members of the World Trade Organization are signatories of the institution’s Agreement on Government Procurement – the GPA. Indeed, although many developing economies are now joining the agreement or at least acquiring observer status, it has long been thought that the costs outweigh the benefits. This column re-evaluates the pros and cons of GPA accession for Arab countries.




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