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China's economic expansion benefits MENA region: Turkish expert

Xinhua, November 19, 2016 Adjust font size:

China's economic expansion into the Middle East and North Africa (MENA) region has benefited some countries and may grow in the years to come, as it is in transition to an innovation-led development model from the current one dependent on investment, a Turkish expert said on Friday.

"China has had a significant economic expansion into the MENA region over the past five years," noted Suut Dogruel, a professor of economics from Marmara University in Istanbul.

"This expansion is likely to intensify in the future, and it will have a complicated effect on the development of MENA countries," he said at a seminar hosted by the Confucius Institute and the Department of Economics with the Istanbul-based Bogazici University.

While China's economic expansion over the years has led to a declining manufacturing output in some MENA economies, others are benefiting from its rise, noted Dogruel.

"The higher the openness of the countries, the more they benefit from China's rise as a global economic power," he said, citing findings from a related research project.

The research reveals that the share of industry in MENA economies stands at around 50 percent of total GDP, while the share of manufacturing is only slightly above ten percent.

"The contrast between the share of industry and the share of manufacturing is related to the fact the industries in these countries are dominated by natural resources extraction," Dogruel said.

"MENA countries witness a decline in manufacturing, and China's economic expansion can actually help these economies if they are open enough," he added. Endit