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WB: MidEast economies to be driven by oil prices

18 Jun 2010

(MENAFN) The World Bank said that the Middle East and North Africa (MENA) region will continue to be driven byã€€oil prices and economic activity in the European Union, the regionï¿½s main trade partner, Petra News Agency reported.

According to the World Bankï¿½s report, most diversified regional economies in Egypt, Jordan, Lebanon, Morocco and Tunisia were directly impacted by the global financial crisis which hit principal exports markets in the European Union and, to a lesser extent, in the US.

The report noted that developing countries are not immune to the effects of a high-income sovereign debt crisis. But it expected several economies to continue to do well if they focus on growth strategies, make it easier to do business, or make spending more efficient.

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