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FINANCIAL NEWS
E&Y expects ME, Africa exports to jump 12% in 10 yrs
12 Jun 2012
(MENAFN) Ernst & Young stated in their recent report, 2012 Rapid Growth Markets (RGM) Forecast, that over the coming ten years, exports from the Middle East and Africa are expected to jump by over 12 percent, reported Emirates 24/7.
E&Y’s reports showed that since China specializes in higher-value added goods, the two regions may replace the Asian country and may become the next world assembler due to growing labor force.
Nevertheless, the Middle East and North Africa (MENA) region will have to make big investments in the infrastructure sector and to bolster private enterprises to replace China as the global manufacturing hub for low-cost goods.
It is worth noting that as a result of high government expenditure and exports focused on Asia, during the current year, Qatar will keep its position as the fastest growing MENA RGM at 7 percent, on the other hand, Egypt will be the slowest growing market in MENA, at 1.2 percent.
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