Causes and Factors of Modest Macroeconomic Performance of the Arab/Muslim World
In the article, based on a series of models and computations, it is shown that Arab-Islamic world which a thousand years ago had been among the world leaders by standards of its economic and cultural development, during the last decades has been demonstrating, despite solid natural and human resources that it possesses, rather modest rates and levels of macroeconomic performance, efficiency of growth and global competitiveness, but comparatively high records of political instability. The majority of Arab countries, in contrast to China, India, newly industrialized(zing) countries, a number of non-Arab countries of the Muslim world, including Turkey, Malaysia, Indonesia, failed to have stepped on the path of modern economic growth and does not fit in well with long-term effective models of growth of the 21 st century. That was primarily caused by comparatively low level of their human capital, retardation by conservative regimes of urgent institutional and economic reforms, which could be able to uplift the level of management in their economies, promote the diversification of the industrial production and export structures.