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IMF positive on Mena outlook in 2012

29 Jul 2012

(MENAFN) The International Monetary Fund (IMF) has revised up MENA region’s economic outlook this year, The Peninsula Qatar reported.

The GCC region is also expected to witness a solid growth of around 6 percent this year, according to IMF’s World Economic Outlook (WEO) report.

WEO forecasted MENA region to grow by 5.5 percent in 2012, up 1.2 percent from its April outlook of 4.3 percent.

In April, the IMF predicted Libya and Iraq to lead the region’s growth in 2012, driven by oil production returning to pre-war levels in Libya, and Iraqi crude output rising as more oil firms invest in the country.

The regional average was dragged down by oil-importing countries, with growth rates forecast at around 2-3 percent for most countries, while Yemen and Syria were expected to contract.

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