MENA region to grow by 4pc in 2010, says World Bank

MENA region to grow by 4pc in 2010, says World Bank

The World Bank says the Middle East and North African (MENA) region will grow by 4 percent in 2010, and warned...

October 3, 2009 10:47 by kippreport

The World Bank says the Middle East and North African (MENA) region will grow by 4 percent in 2010, and warned that the nations may suffer downside risks due to their dependence on oil and food imports.

The World Bank also warned that the region may see a rise in unemployment and poverty; however, it noted that if oil prices remain above $63 a barrel, oil producing states may avoid further economic disasters.

“The Middle East and North Africa’s (MENA) weak integration with global financial markets partially insulated the region from the first-round effects of the current economic downturn,” the World Bank said.

“But over the longer term, the region’s ability to cope with shocks is hampered by the limited development of the financial sector, limited access to financial services by households and firms, and limited exposure to global financial markets.”