World Bank expects decline in growth rate of Arab economies
The World Bank announced that growth in the countries of North Africa and the Middle East for 2011 may fall compared to last year, due to the recent political developments in the region. According to yallafinance, growth in the Middle East and North Africa will be affected by developments in countries of the region.
During a press conference that presented the latest report of the World Bank about conflict and growth, a senior economist at the Bank, Justin Lin, said," Our estimates indicate that the implications for countries such as Egypt and Tunisia may be a decline of nearly three percentage points on economic growth."
The World Bank has indicated in its economic forecast issued in January that the growth of GDP in the region will climb from 3.3% in 2010 to 4.3% in 2011. Lin added that the consequences for global growth will be limited, but said that "if the effects of oil prices and oil supplies are big, then we may see a bigger impact."
On the other hand, the Egyptian Minister of Finance, Samir Radwan, said in an interview a few days ago that what happened in Tunisia and Egypt "will not affect negatively on the economies of Arab countries."
Radwan affirmed on the sidelines of the annual meetings of the joint Arab financial institutions, "There is no negative reflection on the various Arab economies, but merely a slowdown in exports and imports," stressing that this issue can be controlled.
- Oman’s Duqm tourist complex moves forward with government approval
- Kuwait fights budget deficit: Reexamining government salaries, expatriate labor
- Tunisian Confederation of Industry, Trade, and Handicrafts fights nationwide unemployment levels
- Construction costs fall in Dubai
- Western tourists flock to Iran, could generate $30B in new revenue