Economic Research Forum (ERF)

Samir Makdisi

Founding contributors

Samir Makdisi
American University of Beirut

Samir Makdisi is professor emeritus of economics and founding director of the Institute of Financial Economics, the American University of Beirut (AUB). He has served as Minister of Economy and Trade, Republic of Lebanon, 1992 and Deputy President of AUB, 1992-1998; member of the Board of Trustees of the Economic Research Forum and of the Board of Directors of the Euro-Mediterranean Econom-ic Research Institutes (FEMISE). He received his Ph.D in Economics from Columbia University.

Content by this Author

Moving beyond the Arab uprisings

Despite the popular movements for freedom and justice in several Arab countries a little over a decade ago, the region continues to be classified at the bottom of the world table of democracy. Nevertheless, this column argues, the uprisings have rung in the changes of an inevitable and deep-seated political and economic transformation in the Arab region: a change in the social contract is in the making, though its path and inception time remain uncertain.

After the Arab uprisings: reconstruction, peace and democratic change

Any post-uprisings transformation leading to lasting national peace in Arab countries will be conditional on laying the foundations for inclusive socio-economic development in the context of a genuinely democratic environment. This column, which summarises a forthcoming multi-authored ERF book explores how these goals can be achieved.

On Lebanon’s economic crisis and recourse to IMF assistance

Failures of fiscal policy, monetary policy and banking practices have led to economic crisis in Lebanon. This column argues that the focus of the new government’s plan for national recovery should be on fiscal governance and policy measures that constitute the bedrock for reforms in other areas of economic policy. Assistance from the International Monetary Fund can support their implementation and an effective rescue programme.

Repatriation of refugees from Arab conflicts: scenarios for reconstruction

The prospects for early repatriation of refugees who have fled conflicts in Iraq, Libya, Syria and Yemen in recent years do not yet look promising. Nevertheless, not only have discussions about repatriation started at both national and international levels, but there is also a steady, though still limited, stream of refugees in neighbouring countries trickling back to their war-ravaged homes. This column summarises the latest ERF-FEMISE Euromed Report, which discusses the issue of repatriation in general and as a potential solution to the refugee crisis.

Sustainability of GCC development under the new global oil order

It is now a widely held view that the price of oil will eventually be converging to a lower long-term trend. Together with growing demands for political change in the MENA region, this implies the need for many countries to reconsider their growth models and their underlying social contract. This column considers the implications for the members of the Gulf Cooperation Council.

On autocracy, democracy and populism: Tunisia and the wider Arab region

Different circumstances offer different opportunities for the emergence of populism. This column contrasts the rise of populist movements in the established democracies of the West with the uprisings against entrenched autocracies in the Arab region. While many of the latter have been reversed or sparked civil conflict, there is hope in Tunisia’s gradual transition towards consolidating a fully-fledged democracy.

Prospects for a closely integrated Euro-Arab Mediterranean region

The Euro-Med partnership of over 40 countries aims for closer integration of the region, fostering the development and stability of the southern and eastern members, and narrowing economic and political gaps between North and South. This column explores its prospects, concluding that the rationale for a politically integrated Euro-Arab Med region does not seem to have been adequately thought out: it is a matter that deserves deep study.

Prospects for development with democracy in the Arab world

What are the prospects for democracy in the Arab world? This column expresses the hope that as conflict-afflicted countries embark on their programmes of economic reconstruction, autocratic institutions will not be re-established under the pretext of the need for a speedy and steady recovery. The optimal path of development necessarily includes robust growth, equity as well as democracy.

forum Talks – Reconstruction and development

Samir Makdisi highlights the importance of clearly identifying funding, human and physical capital requirements to address reconstruction priorities.

Most read

Private capital and financial innovation in Egypt’s clean energy transition

The Benban Solar Park, Africa’s biggest photovoltaic power station, demonstrates Egypt’s ability to attract foreign investment, implement complex infrastructure projects and align its energy goals with environmental sustainability. As this column explains, the next stage of the country’s clean energy transition requires a diversified financial ecosystem, together with committed and well-coordinated policy support.

Sanctions and the shrinking size of Iran’s middle class

International sanctions imposed on Iran from 2012 have reduced the size of the country’s middle class, according to new research summarised in this column. The findings highlight the profound social consequences of economic pressure, not least given the crucial role of that segment of society for national innovation, growth and stability. The study underscores the need for policies to safeguard the civilian population in countries targeted by sanctions.

The rising threat of water and food insecurity in MENA

The Middle East and North Africa is rapidly becoming the global epicentre of water and food insecurity. Drawing on regional evidence and global comparisons, this column identifies urgent priorities and offers policy strategies to strengthen resilience in this particularly climate-stressed part of the world before the crisis deepens further. The tools exist: what is needed is the political will and coordinated action to use them.

Artificial intelligence and the renewable energy transition in MENA

Artificial intelligence has the potential to bridge the gap between abundant natural resources and the pressing need for reliable, sustainable power in the Middle East and North Africa. This column outlines the constraints and proposes policies that can address the challenges of variability of renewable resources and stress on power grids, and support the transformation of ‘sunlight’ to ‘smart power’.

MENA integration into global value chains and sustainable development

Despite the geopolitical advantages, abundant natural resources and young populations of many countries in the Middle East and North Africa, they remain on the periphery of global value chains, the international networks of production and service activities that now dominate the world economy. This column explains the positive impact of integration into GVCs on exports and employment; its role in technology transfer and capacity upgrading; and the structural barriers that constrain the region’s involvement. Greater GVC participation can help to deliver structural transformation and sustainable development.

Green jobs for MENA in the age of AI: crafting a sustainable labour market

Arab economies face a dual transformation: the decarbonisation imperative driven by climate change; and the rapid digitalisation brought by artificial intelligence. This column argues that by strategically managing the green-AI nexus, policy-makers in the region can position their countries not merely as followers adapting to global mandates but as leaders in sustainable innovation.

Egypt’s forgotten democratisation: a challenge to modern myths about MENA

A widely held narrative asserts that countries in the Middle East are inevitably authoritarian. This column reports new research that tracks Egyptian parliamentarians since 1824 to reveal that the region’s struggle with democracy is not in fact about cultural incompatibility: it’s about colonialism disrupting home-grown democratic movements and elite conflicts being resolved through disenfranchisement rather than power-sharing.




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