Economic review of the Middle Eastern and North African countries (digital financial and economic transformation)

The paper examines the features of digital financial and economic transformation in Middle Eastern and North African countries (MENA). In our work we use the following methods: factor analysis to determine the impact of various factors on the economy of the MENA region and multivariate comparative analysis measuring the combined impact of various factors, graphical and analytical methods of analysis, forecasting, etc. The statistical data base of the study is open data sources published by the World Bank and UNESCWA, etc. Paper is devoted to the advantages of the digital economy for the MENA countries, such as: accelerating economic growth; increasing the economic potential; reducing bureaucracy and corruption mechanisms; improving country’s competitiveness at the global level; increasing domestic production; diversifying sources of income; increase exports based on highly developed technologies; reducing poverty; and expanding employment opportunities, etc. Paper identifies the main problems, the most important of which are the digital infrastructure in the MENA region is not as developed as in other regions, digital payment systems in some countries of the MENA region are experiencing slow growth.