São Paulo – The economies of the Middle East and North Africa should grow on average 4.3% this year and 4.4% in 2012, according to forecasts presented in the Global Economic Prospects report, disclosed on Thursday (13) by the World Bank. The estimates for growth of the global GDP are, respectively, 3.3% and 3.6%.
According to the organizers, there was "a modest upturn in growth" in the region in 2010, 3.3%, as a result of the improved external environment in comparison with 2009 and of the stimulus packages implemented by local governments to lessen the effects of the international financial crisis.
The price of oil returned to growth, which benefited several nations that export the commodity. Apart from that, the recovery in part of the Euro Zone caused the transfer of money by immigrants to their countries of origin. Finally, regional tourism was boosted by high-end travellers from the Gulf region.
The estimate shows that the growth in 2011 and 2012 should be guaranteed by the expansion in domestic demand, by stabilisation in the export markets and by maintenance of oil at a high price.
In general, according to the World Bank, the global growth should be boosted by developing countries, which should grow, on average, 6% this year and 6.1% in 2012, after growth of 7% in 2010.
*Translated by Mark Ament
