IMF sees long-term opportunities for MENA region despite short-term challenges.

By bne IntelliNews April 28, 2011
The International Monetary Fund (IMF) expects the uprisings in the Middle East and North Africa (MENA) to provide an opportunity for the establishment of a socially inclusive and more dynamic growth model but in the near future countries will be facing challenges, the fund said in its April 2011 Regional Economic Outlook for MENA, Afghanistan and Pakistan (MENAP). Short-term pressures will stem from rising commodity prices and disruptions to economic activity so countries need to address unemployment and improve social safety nets, Masood Ahmed, director of the IMFs Middle East and Central Asia Department, said. In the long run, the uprisings might give a boost to the MENA economies by establishing a more inclusive growth agenda, improving governance and providing more equal opportunities for its young and growing population. The economies of the oil-exporting countries are expected to expand by 4.9% in 2011, excluding Libya, owing largely to higher oil prices and oil production, while oil importers are set to grow by only 2.3%. The combined external current account balance for regional oil exporters will more than double to USD 380bn this year. As for oil importers, internal and external pressures will inflate their import bill by about USD 15bn, or nearly 3% of their GDP on average, the IMF said.

Related Articles

Bahrain Middle East Bank fully repays USD 13mn debt.

Bahrain Middle East Bank made a USD 13mn full repayment of a loan obligation including a USD 1.4mn interest payment taking total repayments by the troubled lender to USD 43mn, the bank said in ... more

National Bank of Abu Dhabi launches USD 17mn Uridashi bond, MENAs first ever.

National Bank of Abu Dhabi (NBAD), the UAE's largest lender by market value, initiated a USD 17mn fifteen-year Uridashi bond, MENA's first ever, allowing the bank to directly access Japanese ... more

GCC economies resilient to MENA turmoil but constrains persist S&P.

The GCC economies remain insulated from economic and political turbulence in the MENA region and globally but structural challenges continue to constrain sovereign ratings, ratings agency ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss