Summary of Export Spillovers from Global Shocks for the Middle East and Central Asia

Alberto Behar and Jaime Espinosa-Bowen

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Export Spillovers from Global Shocks for the Middle East and Central Asia summary

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The Middle East, North Africa, Central Asia and the Caucasus represent a wide variety of disparate cultures and economies, such as the oil-rich kingdom of Saudi Arabia, the popular tourist destination of Morocco and the post-Soviet industrial powerhouse of Kazakhstan. International Monetary Fund economists Alberto Behar and Jaime Espinosa-Bowen do a good job of teasing out the trade interrelations of a broad collection of countries with the even broader global economy. getAbstract recommends this cogent and nuanced economic analysis to investors, executives and experts who follow the region.

In this summary, you will learn

Why slowdowns, slumps and shocks in European and BRICS economies would have an outsize impact on trade from the Middle East, North Africa, Central Asia and the Caucasus; and
How political tensions and regional conflicts compound the negative effects of global economic weakness on export growth.

About the Authors

Alberto Behar and Jaime Espinosa-Bowen are economists at the International Monetary Fund.

Summary

What began in the developed economies as a financial crisis in 2008 quickly turned into a trade disaster for the rest of world: Global trade flows dropped 15% from 2008 to 2009. For the 30 countries that the IMF tracks in its Middle East and Central Asia Department (MCD), trade values sank by nearly...