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31 October, 2014 21:50 IST
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MENA region economies to grow by 5.1%: IMF
Source: All India Radio | 12 Nov, 2012, 07.59AM
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The International Monetary Fund, IMF has predicted that the economies of the Middle East and North Africa, MENA region will grow up by 5.1% this year from 3.3% in 2011-12. In its biannual report, the agency said that the oil-exporting countries are growing at an average of 6.6% on account of higher oil prices.

But the oil importing nations such as Afghanistan, Djibouti, Egypt, Jordan, Lebanon, Mauritania, Morocco, Pakistan, Sudan, and Tunisia will see a lower rate of about 2%.

The report says that the biggest challenge in the post Arab Spring countries is how to manage the rising expectations of the people and stabilize an ailing economy where the margin for policy maneuver is limited.

It has advised them to restore macroeconomics sustainability and take up structural reforms to improve the competitiveness. The IMF report says that with the oil prices above US 100 Dollar a barrel in 2012-13, the oil exporters` combined current account surplus is forecast to be at a historic high of about USD 400 billion in 2012.

It has noted that the increased reserve of petrodollars has helped governments in the region to address growing demands of their people by increasing the wages and salaries. The agency has urged the oil exporters to increase their national savings, create private-sector jobs and spur growth to avoid economic slowdown and offset the results of a decline in oil prices. The IMF estimates that a 10% drop in oil prices would bring down the oil exporters` combined current surplus by about USD 150 billion.

The International Monetary Fund, IMF has predicted that the economies of the Middle East and North Africa, MENA region will grow up by 5.1% this year from 3.3% in 2011-12. The report says that the biggest challenge in the post Arab Spring countries is how to manage the rising expectations of the people and stabilize an ailing economy where the margin for policy manoeuvre is limited.


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