large impact on growth. Such measures can support higher, sustained, and more inclusive growth by improving the allocation … foreign ownership of businesses and real estate. The growth impact of closing export and FDI gaps could be significant. In … most countries, the biggest boost to growth would come from closing the FDI gap-up to one percentage point increase in real …

This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through … which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy … studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth …

Rodriguez and Rodrik (2000) argue that the relation between openness and growth is still an open question. One of the … paper applies the identification through heteroskedasticity methodology to estimate the effect of openness on growth while … properly controlling for the effect of growth on openness. The results suggest that openness would have a positive effect on …

development and inclusion is likely to be associated with stronger economic growth in the GCC countries. While there is … likely to go hand-in-hand with stronger growth. The growth benefits, however, are likely to vary across countries depending … on the current level of financial development and inclusion. To realize these growth benefits, reforms to strengthen …

substantially across the GCC countries. In most countries, further steps are needed to raise energy prices to reduce the growth in … there may be some adverse effect on growth in the near-term, over the longer-term the growth benefits should be positive … well anchored inflation expectations should help prevent second-round effects. On growth, a gradual increase in energy …

Global economic activity is gaining momentum. Global growth is forecast at 3.6 percent this year, and 3.7 percent in … the downside over the medium term. The more positive global growth environment should support somewhat stronger oil demand … focused on expenditure reduction. This is necessary, but it has weakened non-oil growth. With the pace of fiscal consolidation …

growth in expenditure, GCC governments have started to implement significant fiscal consolidation measures, but more … needs to be done. Rapid population growth and booming oil revenues led to large increases in government spending in the GCC … suggests that growth outcomes improve when fiscal adjustments are sustained as part of credible multi-year fiscal plans, rely …

The GCC growth model has delivered substantial improvements in living standards over several decades. Access to foreign … labor has supported rapid growth in the non-oil sector and price stability in the region. It has also resulted in positive …-sector employment and have helped raise standards of living. However, the growth model has involved costs: the public-sector wage bill …