ABSTRACT
Although the preceding analysis of MENA’s reform performance may sound gloomy, there are two positive signs that auger well for the strengthening of reforms and higher growth in the MENA region. First, MENA countries (the four reformers) have done very well in terms of economic stabilization, a prerequisite for reforms and a key component of the Washington consensus. MENA reformers have risen to the top position in the field of economic stabilization by lowering inflation, ending black exchange rate markets, and narrowing current account deficits. Figure 1.14 shows that the MENA region has maintained its good record of economic stabilization and has managed to move to the top position among all four regions-even edging marginally past East Asia.4
