The International Monetary Fund (IMF) has predicted that the Middle East region will enjoy economic growth of 4.2 per cent in the coming year. This figure is a sharp rise on the 2.3 per cent increase which was seen over the course of 2009.
According to the IMF, higher oil prices and government policies are expected to boost many countries, while a strong overall energy sector will also help sustain the growth. Overall, the IMF claimed that the Middle East region is enjoying "a generally robust recovery".
However, in order to sustain this growth in the long term, the IMF said that the region must do more to diversify its economies and create jobs. On a per capita basis, though, the growth significantly lags behind other parts of the developing world.
Indeed, economic growth outside the energy sector
remains slow and the body called on oil-exporting nations to reduce their dependence on the commodity by diversifying their economies.
- Monday 08 November 2010