MENA Economy – April 2012

Source: OPEC 5/5/2012, Location: Africa

Economic growth slowed in the Middle East and North Africa (MENA) region in 2011 as a result of political upheaval and civil unrest. The countries most affected by unrest — namely Tunisia, Egypt, Syria, Yemen and Libya — saw their economies slow sharply or contract. Assuming no further serious outbreaks of political upheaval outside of Syria, a recovery will gather pace in 2012, supported by still-high global oil prices. However, weaker EU demand will constrain North Africa's exports and lead to lower workers' remittances from Europe and tourist inflows. Growth prospects in Egypt will also be hampered by domestic political instability. Offsetting this, regional growth in 2012 will be supported by massive infrastructure and industrial development in Saudi Arabia, expansionary fiscal policy across the Gulf Co-operation Council (GCC) states and a bounce-back in Libyan growth (EIU, April 2012).


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