IMF: MENA's economies to grow 4.2% in 2010.

By bne IntelliNews October 25, 2010
Rising oil price, production levels and supportive fiscal policies will support GDP growth in the MENA region and Afghanistan and Pakistan, to 4.2% in 2010 and 4.8% in 2011, the IMF said in a statement. However, the region's oil-importing countries are expected to face structural policy challenges. The fund recommended that oil importers focus on raiaisng employment and diversifying exports. IMF noted that oil production is projected to increase 23% to 25mn bpd in 2010 and 3% to 26mn bdp in 2011, pushing the GDP growth in the GCC region to 3.5% in 2010 and 4.3% in 2011. GCC's current account surplus will thus reach around USD 50mn. However, the IMF expects a growth of only 1% in non-oil activity between 2009 and 2011. The report expected oil importers in the region to grow by 5% in 2010 from 4.6% in 2009.

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