EFG Hermes cuts MENA growth forcast to 3.6% in 2011.

By bne IntelliNews March 7, 2011

Egypt-based investment bank EFG Hermes worsened its 2011 economic growth forecast for the MENA countries to 3.6% from 5.4% previously due to the political and economic unrest in the region and the expected contraction of Egypts economy, Gulf Times reported. The bank estimated the 2010 growth rate of the region at 4.9%. The recent political problems will affect negatively private consumption, especially tourism, and investment. EFG Hermes kept unchanged its forecasts for Qatar, the UAE, Kuwait and Lebanon.

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