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The overarching policy challenge facing Nigeria is to reduce widespread poverty and unemployment. Macroeconomic performance was broadly positive, underpinned by buoyant international oil prices and prudent fiscal and monetary policies. The fiscal targets and the medium-term fiscal consolidation plan are consistent with supporting macroeconomic stability and creating fiscal space for much needed additional investment and social spending. Non-oil revenues need to be mobilized by moving quickly to improve tax administration in line with technical assistance (TA) recommendations. Planned structural reforms can substantially boost prospects for inclusive growth.

Monetary policy --- Nigeria --- Economic conditions. --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Budgeting --- Exports and Imports --- Macroeconomics --- Public Finance --- Taxation --- Energy: Demand and Supply --- Prices --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Fiscal Policy --- Business Taxes and Subsidies --- Public finance & taxation --- International economics --- Energy industries & utilities --- Budgeting & financial management --- Oil prices --- External debt --- Public debt --- Oil, gas and mining taxes --- Energy subsidies --- Expenditure --- Taxes --- Debts, External --- Debts, Public --- Fiscal policy --- Expenditures, Public

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Recent technological developments and past technology transitions suggest that the world could be on the verge of a profound shift in transportation technology. The return of the electric car and its adoption, like that of the motor vehicle in place of horses in early 20th century, could cut oil consumption substantially in the coming decades. Our analysis suggests that oil as the main fuel for transportation could have a much shorter life span left than commonly assumed. In the fast adoption scenario, oil prices could converge to the level of coal prices, about $15 per barrel in 2015 prices by the early 2040s. In this possible future, oil could become the new coal.

Investments: Energy --- Infrastructure --- Macroeconomics --- Natural Resources --- Commodity Markets --- Energy: General --- Technological Change: Choices and Consequences --- Diffusion Processes --- Nonrenewable Resources and Conservation: General --- Energy: Demand and Supply --- Prices --- Industry Studies: Transportation and Utilities: General --- Renewable Resources and Conservation: General --- Investment & securities --- Environmental management --- Oil --- Non-renewable resources --- Oil prices --- Transportation --- Renewable resources --- Commodities --- Environment --- National accounts --- Petroleum industry and trade --- Natural resources --- Saving and investment --- United States

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In the Middle East and North Africa (MENA) countries price subsidies are common, especially on food and fuels. However, these are neither well targeted nor cost effective as a social protection tool, often benefiting mainly the better off instead of the poor and vulnerable. This paper explores the challenges of replacing generalized price subsidies with more equitable social safety net instruments, including the short-term inflationary effects, and describes the features of successful subsidy reforms.

Subsidies --- Business subsidies --- Corporate subsidies --- Corporate welfare --- Government subsidies --- Grants --- Subventions --- Vouchers (Subsidies) --- Welfare, Corporate --- Government aid --- Foreign trade promotion --- Trade adjustment assistance --- E-books --- Inflation --- Macroeconomics --- Public Finance --- Investments: Energy --- Energy: Demand and Supply --- Prices --- Price Level --- Deflation --- National Government Expenditures and Welfare Programs --- Energy: General --- Energy industries & utilities --- Public finance & taxation --- Investment & securities --- Fuel prices --- Energy subsidies --- Oil prices --- Social assistance spending --- Expenditure --- Oil --- Commodities --- Expenditures, Public --- Petroleum industry and trade --- Gas industry --- Jordan

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This paper analyzes spillovers from macroeconomic shocks in systemic economies (China, the Euro Area, and the United States) to the Middle East and North Africa (MENA) region as well as outward spillovers from a GDP shock in the Gulf Cooperation Council (GCC) countries and MENA oil exporters to the rest of the world. This analysis is based on a Global Vector Autoregression (GVAR) model, estimated for 38 countries/regions over the period 1979Q2 to 2011Q2. Spillovers are transmitted across economies via trade, financial, and commodity price linkages. The results show that the MENA countries are more sensitive to developments in China than to shocks in the Euro Area or the United States, in line with the direction of evolving trade patterns and the emergence of China as a key driver of the global economy. Outward spillovers from the GCC region and MENA oil exporters are likely to be stronger in their immediate geographical proximity, but also have global implications.

Business & Economics --- Economic Theory --- Business cycles --- Econometric models. --- Economic cycles --- Economic fluctuations --- Cycles --- Econometric models --- E-books --- Investments: Energy --- Econometrics --- Foreign Exchange --- Macroeconomics --- Industries: Energy --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- General Aggregative Models: Forecasting and Simulation --- Business Fluctuations --- International Business Cycles --- Economywide Country Studies: Asia including Middle East --- Energy: Demand and Supply --- Prices --- Energy: General --- Macroeconomics: Production --- Investment & securities --- Econometrics & economic statistics --- Currency --- Foreign exchange --- Petroleum, oil & gas industries --- Oil --- Oil prices --- Vector autoregression --- Real effective exchange rates --- Oil production --- Commodities --- Econometric analysis --- Production --- Petroleum industry and trade --- United States

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This paper presents key discussions of Cameroon’s 2013 Article IV Consultation. Economic activity in Cameroon has continued to recover gradually from the global financial crisis in 2008–2009, and inflation has remained subdued. In light of growing vulnerabilities, the report suggests to adopt a plan to reduce fuel subsidies gradually, accompanied by targeted social programs for the neediest, to free up resources for public investment. It is also necessary to accelerate resolution of distressed banks and enhance the regulatory framework to promote lending.

Business & Economics --- Economic History --- Economic development --- Cameroon --- Economic conditions. --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Budgeting --- Exports and Imports --- Macroeconomics --- Public Finance --- Statistics --- Taxation --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Energy: Demand and Supply --- Prices --- National Government Expenditures and Related Policies: General --- General Aggregative Models: General --- Public finance & taxation --- International economics --- Energy industries & utilities --- Budgeting & financial management --- Econometrics & economic statistics --- Public debt --- Energy subsidies --- External debt --- Arrears --- Public financial management (PFM) --- Expenditure --- Debts, External --- Debts, Public --- Expenditures, Public --- Budget --- Finance, Public --- National income