Chapter 3: Oil, the Macroeconomy, and Growth in the MENA Region

In the brief period from 1970 to 1974, government revenues of Organization of the Petroleum Exporting Countries (OPEC) nations increased 11 times and OPEC developing countries gained pricing power over the world's most valuable traded commodity. This oil windfall, followed by two others (1979/1981 and 2003) had significant effects on growth, development, and political economy in the economies of the Middle East and North Africa (MENA) region…