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FINANCIAL NEWS
MENA economies to grow 4.1% this year: IMF
07 Oct 2010
(MENAFN) A report issued by the International Monetary Fund (IMF) showed that economies in the Middle East and North Africa (Mena) area are predicted to expand by a combined 4.1 percent this year and 5.1 percent in 2011, Gulf News reported.
Qatar’s economy is expected to grow by 16 percent this year, the most in the region, the Washington-based institution said.
The economies of the Middle East and North Africa, or Mena, region are recovering strongly, underpinned by the rebound in oil prices from their trough in 2009, which has boosted revenues for oil exporters, it added.
The IMF raised its 2010 growth forecast for the United Arab Emirates to 2.4 percent, from 1.3 percent in May. It now sees the UAE�s economy expanding by 3.2 percent in 2011.
The IMF said that average growth rates among oil exporters are projected to be higher over the next two years, compared with 2009.
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