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FINANCIAL NEWS
IMF cuts 2011 economic growth for Arab oil importers to 1.9%
27 Oct 2011
(MENAFN) The International Monetary Fund (IMF) said that economic growth for oil importing countries in the Middle East and North Africa (MENA) region would be expected to slow down in 2011 to 1.9 percent, reported Emirates 24/7.
The fund added that the results were below previous forecasts of 2.3 percent, adding that the decline resulted mainly from the impact of the Arab Spring that affected many countries in the region.
On the other hand, the IMF said that economic growth for oil exporting countries in the region would be expected at 4.9 percent in 2011 due to the rise in global oil prices; however, 2012’s growth would be forecasted at 3.9 percent.
It is worth noting that expected economic growth for the entire Arab region will be at 3.9 percent in 2011 and 3.7 percent during the next year, according to the IMF.
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