WB: MENA's economic growth to rebound to 3.7% in 2010.

By bne IntelliNews January 22, 2010
According to a report by the World Bank (WB), economic growth in the MENA region may rebound to 3.7% this year and 4.4% in 2011. It said the growth will accelerate from an estimated 2.9% in 2009 after the global financial crisis sent oil prices tumbling, noting that economic growth in the region stood at 4.3% in 2008. WB explained that stronger global activity should allow for crude oil and gas production to return to positive growth, implying moderate revenue gains. The MENA region accounts for more than a third of global oil production. Oil prices decreased from a high of about USD 147 a barrel in July 2008 to a low of USD 34 a barrel in December of the same year, but prices have settled into a range of USD 65-80 a barrel following output cuts by the Organisation of Petroleum Exporting Countries (OPEC). However, the bank said there might be some risks to the growth in the region including political tensions and the possibility of a deeper global recession.

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