The collapse of the Lebanese economy triggered vicious cycles that are spiralling out of control. As a result, there is a growing debate about whom to blame for the crisis. Many blamed the government – or the central bank – or the rent-seekers; others blamed the entire political and economic system. This column sheds light on the chain of events that led to the crisis.
A new oil price super cycle, an extended period during which prices exceed their long-term trend, seems to be in the making. This column, originally published in the Summer 2021 issue of Finance and Development, explores why it could be the last of its kind – and the challenging implications for oil-dependent economies and their neighbours.
Covid-19 offers an opportunity for developing countries to rethink their tax policy to contribute to the reconstruction effort and promote the recovery. This column explores what the legacy of the pandemic will be for our tax systems and several dimensions for the required rethinking.
A new report examines the type and quality of jobs created in Algeria, Egypt, Sudan and Tunisia, and how they relate to patterns of economic growth. As this column explains, the history of dependence on oil and other resources as the engines of growth in these economies has meant a large flow of rents into government coffers, which has enabled an outsized but unsustainable role for the public sector as an employer.