The conflicts in the political systems of the countries present in MENA Region make them weak in many respects. However, it is now observed that many reforms in the economic sector are being made by these countries to improve the stability and business environment. These countries are rich in energy resources, and their wealth is mostly driven by these resources. There is a need to generate the employment opportunities in private sector which are now improved through different reforms. Following are the indicators which show that MENA region will progress in coming years.
Changes in business and culture
There are many mega trends taking place in the environment which is changing the personal lives of people living in MENA region. The shape of the economy and business culture is changing due to the emergence of new concepts and international involvement. The focus is shifting towards getting more education which was not common few years back. There are multiple new companies and technologies which are bringing change in the ecosystem of business. The competition among the brands is increasing day by day due to changes in mega trends.
Countries playing important role
Among all the countries in MENA region, the most popular one is the United Arab Emirates which is contributing a lot to the progress. It is the state which is rich in oil and gas reserves, and most of the international market trends are shifting here. Also, Expo 2020 will be held here which increase the competitiveness among the top countries. The overall infrastructure, as well as macroeconomic environment, will be shaped because of this even. Other than this Qatar is also providing a lot of benefit to this region. The economy of Qatar is diversified, and with little improvement in the education sector, this country can have a massive growth. Saudi Arabia is also playing key role because of
Focus on Education and Innovation
The thing which is a hindrance to the economic development of Arab world is the lack of quality education. Students are not prepared according to the requirement of the market. Now the trends are changing, and the focus is shifted towards giving quality education. If the students are educated in a way that enhances their critical thinking ability, innovation level in the economy increases. Due to the energy-rich economies of MENA region, there are a large number of international players moving to this area. This factor required an increase in innovation because this is the age of making new things that serve the right purpose and satisfy human needs in an efficient manner.
The main strength of MENA Region is the energy sources it has. Now the focus is also shifting towards discovering new renewable energy resource to save the energy resources for future generation. If this thing is implemented successfully and some of the required features are improved in the economy, MENA region will gain a lot of success over the coming years.