IMF: Middle East economy to grow by 5 percent in 2003
The Middle East economy is forecasted to grow by more than five percent in 2003, compared with 3.9 percent in 2002, reported the International Monetary Fund (IMF) in its recent World Economic Outlook survey.
The region will witness growth due to higher oil production and prices. The rapid end to the war on Iraq and the reconstruction effort that followed also influenced growth levels.
Despite these achievements, the survey also warned that political instability impedes the region's economic outlook. Growth in the less oil-rich countries such as Jordan, Egypt and Syria is set to be more moderate with worries about security hitting the tourism industry.
The IMF classifies the Middle East region as extending from Libya to Iran, and does not include Morocco and Algeria. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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