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Capital Flight from North African Countries

by Ndikumana, Leonce and Boyce, James K
Series: PERI Research Report Oct 2012 Published by : PERI, (USA: )
Subject(s): Capital flight
Year: 2012
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North African countries have traditionally outperformed their sister nations south of the Sahara in terms of economic growth, enabling them to reach the middleincome status and drive down poverty to much lower levels. North Africa has enjoyed relatively stable growth rates, averaging over 3 percent per annum over the 2005-2011 period. Per capita income in the region ranges from $2780 in Egypt to about $10,000 in Libya, compared to an average of $1445 for Sub-Saharan Africa (SSA). The 2010 Human Development Report profiled North African countries as success stories in non-income human development, especially education and health. Rodrguez and Samman (2010) called it the North African Miracle. Since the end of 2010, however, it has become evident that this apparently positive economic record concealed structural and institutional deficiencies that eventually brought down the strong regimes. The North African economic model proved to be unsustainable, mainly because of pervasive inequities in the distribution of wealth and power. Revolutions ensued.

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