MENAP economies to see 3.6 per cent rise says IMF.
The economies of the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) are set to grow at 3.6 per cent in 2009 compared to about 5.9 per cent in 2008, according to a senior official of the IMF.
Speaking at the Dubai International Financial Centre (DIFC), at a breakfast briefing titled 'Implications of Global Developments on the Economic Outlook for MENA, Afghanistan and Pakistan, Masood Ahmed, Director of IMF's Middle East and Central Asia Department, said growth is expected to pick up in 2010, as the expected global recovery gets underway.
The extent of the slowdown, said Ahmed, would depend on the fiscal response in the region's oil-exporting countries, and on how deep the recession would be in the US, Europe and other countries. "As long as oil exporters in the region maintain their spending and investment plans, the impact of the global slowdown on their own growth, and on the prospects for the region, will be partly cushioned," he added.
The IMF presentation was mainly focused on the implications of the dramatic changes in oil prices and the worsening of the global economic outlook on the region. In his presentation, Masood Ahmed also spoke about the risks facing the economies of the region in 2009.
2009 CPI Financial. All rights reserved.
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