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FINANCIAL NEWS
Economies of Arab oil buyers to rebound in 2013
22 Jan 2013
(MENAFN) The Institute for International Finance (IIF) stated that economies of Arab oil importers are likely to rebound in 2013, due to an expected growth in both tourism and investment, reported Emirates 24/7.
The IIF stated that the combined gross domestic product (GDP) of the Arab oil importers, without Syria, is expected to have expanded by nearly 2.2 percent last year, down from 2.3 percent in 2011.
Meanwhile, the Washington-based institute warned that the region’s security condition stemming from the political upheaval is still warding investors off.
However, tourism and foreign direct investment (FDI) seem to have rebounded from there 2011 levels, but were still less than levels previous to the onset of revolutions.
It is worth noting that the IIF forecasts 2013 real GDP growth to expand to around 3 percent, driven by a modest growth in investment and exports.
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