Economic Research Forum (ERF)

Jihad Azour

Author

Jihad Azour
Director of the Middle East and Central Asia Department at the International Monetary Fund

Jihad Azour is the Director of the Middle East and Central Asia Department at the International Monetary Fund. Mr. Azour served as Minister of Finance, Lebanon in 2005-08. He held a wide range of positions in the private sector, including McKinsey and Booz and Co. where he was a Vice-President and Senior Executive Advisor. Prior to joining the IMF in March 2017, he was a Managing Partner at investment firm Inventis Partners. Mr. Azour holds a PhD in International Finance and a post-graduate degree in International Economics and Finance, both from the Institut d'Etudes Politiques de Paris.

Content by this Author

How the Middle East can prepare for the coming economic storm

How can policy-makers prepare for the challenging years ahead and protect their populations? This column, originally published in The National, concludes that a lot can be achieved if action is taken quickly.

Cooperation and recovery in the Middle East and Central Asia

The road to post-pandemic recovery for the Middle East and Central Asia will hinge on Covid-19 containment measures, access to and distribution of vaccines, the scope of policies to support growth, and measures to mitigate economic scarring from the pandemic. This column, originally published on the International Monetary Fund (IMF) blog, argues that cooperation will be critical to reducing divergent paths to recovery among countries in the region.

Confronting the Covid-19 pandemic in the Middle East and Central Asia

Countries of the Middle East and Central Asia region have been hit by two large and reinforcing shocks, resulting in significantly weaker growth projections in 2020. This column summarises the International Monetary Fund’s April 2020 Regional Economic Outlook on the impact of the Covid-19 pandemic and the plunge in oil prices; the short- and longer-term policy priorities; and how the IMF is helping the region cope with the crisis.

COVID-19 pandemic and the Middle East and Central Asia

The number of confirmed COVID-19 pandemic in the Middle East and Central Asia began rising sharply in late February. At the same time, oil prices have been forced downwards owing to falling global demand (due to the pandemic) and rising supply (stemming from a price war between suppliers). With the intertwined shocks expected to deal a severe blow to economic activity in the region, this column originally published on the blog of the International Monetary Fund, outlines the channels of economic impact and the policy priorities.

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Global value chains and sustainable development

What is the role of exchange rate undervaluation in promoting participation in global value chains by firms in developing countries? What is the impact of the stringency of national environmental regulations on firms’ GVC participation? And how do firms’ political connections affect their participation in GVCs? These questions will be explored for the MENA region at a special session of the ERF annual conference, which takes place in Cairo in April 2025.

Adoption of decentralised solar energy: lessons from Palestinian households

The experience of Palestinian households offers a compelling case study of behavioural adaptation to energy poverty via solar water heater adoption. This column highlights the key barriers to solar energy adoption in terms of both the socio-economic status and dwellings of potential users. Policy-makers need to address these barriers to ensure a just and equitable transition, particularly for households in conflict-affected areas across the MENA region.

Migration, human capital and labour markets in MENA

Migration is a longstanding and integral part of the MENA region’s economic and social fabric, with profound implications for labour markets and human capital development. To harness the potential of migration for promoting economic and social development, policy-makers must aim to deliver mutual benefits for origin countries, host countries and migrants. Such a triple-win strategy requires better data, investment in return migration, skill partnerships, reduced remittance costs and sustained support for host countries.

Shifting gears: how the private sector can be an engine of growth in MENA

Businesses are a key source of productivity growth, innovation and jobs. But in the Middle East and North Africa, the private sector is not dynamic and the region has a long history of low growth. This column summarises a new report explaining how a brighter future for MENA’s private sector is within reach if governments rethink their role and firms harness talent effectively.

Building net-zero futures: Asian lessons for MENA’s construction sector

Three big economies in Asia are achieving carbon neutrality in construction. This column draws lessons from Japan, Taiwan and Thailand – and explains why, given the vast solar potential and growing focus on environmental, social and governance matters in the Middle East and North Africa, governments in the region must adopt similarly ambitious policies and partnerships.

Losing the key to joy: how oil rents undermine patience and economic growth

How does reliance on oil revenues shape economic behaviour worldwide? This column reports new research showing that oil rents weaken governance, eroding patience – a key driver of economic growth and, according to the 13th century Persian poet Rumi, ‘the key to joy’. Policy measures to counter the damage include enhancing transparency in oil revenue management, strengthening independent oversight institutions and ensuring that sovereign wealth funds have robust rules of governance.

Market integration in the Middle East and the Balkans, 1560-1914

Trade has re-emerged as a central issue in global policy debates, as governments debate not only the costs and benefits of trade, but also the underlying determinants of market integration. To inform the discussion, this column reports new research evidence on the experiences of the former Ottoman territories in the Middle East and the Balkans over nearly four centuries, tracing the evolution, drivers and consequences of trade integration across these regions.

Fiscal limits and debt sustainability in MENA economies

Public debt is piling up across the Middle East and North Africa after years of political upheavals, economic shocks and the Covid-19 pandemic. With fiscal space shrinking, governments are under pressure to act. This column explains why for many countries in the region, the room for manoeuvre on the public finances may be smaller than policy-makers think. Urgent action is needed to restore debt sustainability.

Freedom, agency and material conditions: human development in MENA

Conventional approaches to measuring human development, which are primarily centred on income, health and education, provide an incomplete assessment of people’s opportunities to improve their lives. As this column explains, it is essential to understand how institutional and social environments influence individuals’ agency over their development outcomes. Analysis of the diverse recent experiences of Jordan, Lebanon, Morocco and Tunisia illustrates how such an approach can inform policy-making.

Artificial intelligence and the future of employment in MENA

Artificial intelligence offers opportunities for boosting productivity and innovation. But it also poses substantial threats to traditional employment structures, particularly in economies like those in the Middle East and North Africa that are reliant on low-skill or routine labour. This column explores how AI is likely to affect employment across the region and proposes policy directions for governments to harness AI for inclusive and sustainable economic growth.




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