MENA Regional Economic Update
Regional events continue to affect the short-term economic prospects in the Middle East and North Africa (MENA), while major developments in the global economy over the past six months have put the region on a two-track growth path for 2012. These developments include a significant rise in crude oil prices on fears of oil supply disruptions and weak economic activity in the Eurozone. Economic growth of MENA's oil exporting countries will be strong as it rebounds from the average of 3.4 percent in 2011 to 5.4 percent in 2012. In sum, growth in MENA will rebound and approach 4.8 percent in 2012, rising about 2 percentage points relative to growth in 2011. This aggregate outcome however hides a two-track growth forecast. Oil exporters will grow much faster relative to oil importers and relative to 2011, provided oil prices remain strong. Oil importers, especially those recovering after political turbulence, remain in vulnerable positions and will grow at half the pace registered by oil exporters. Risks are multiple and reflect the heterogeneous domestic conditions across MENA, especially in the oil importers and in the global economy.
| Main Authors: | , |
|---|---|
| Language: | English |
| Published: |
World Bank, Washington, DC
2012-05
|
| Subjects: | APPROACH, CRUDE OIL, CRUDE OIL PRICES, ECONOMIC STABILITY, ENERGY PRICES, HIGH OIL PRICES, NET OIL, NUCLEAR ENERGY, OIL EXPORTERS, OIL EXPORTING, OIL EXPORTING COUNTRIES, OIL IMPORTERS, OIL IMPORTING, OIL IMPORTING COUNTRIES, OIL MARKETS, OIL PRICES, OIL REVENUES, OIL SUPPLY, OIL SUPPLY DISRUPTIONS, TURBULENCE, |
| Online Access: | http://documents.worldbank.org/curated/en/2012/05/16252969/mena-regional-economic-update https://hdl.handle.net/10986/10838 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Summary: | Regional events continue to affect the
short-term economic prospects in the Middle East and North
Africa (MENA), while major developments in the global
economy over the past six months have put the region on a
two-track growth path for 2012. These developments include a
significant rise in crude oil prices on fears of oil supply
disruptions and weak economic activity in the Eurozone.
Economic growth of MENA's oil exporting countries will
be strong as it rebounds from the average of 3.4 percent in
2011 to 5.4 percent in 2012. In sum, growth in MENA will
rebound and approach 4.8 percent in 2012, rising about 2
percentage points relative to growth in 2011. This aggregate
outcome however hides a two-track growth forecast. Oil
exporters will grow much faster relative to oil importers
and relative to 2011, provided oil prices remain strong. Oil
importers, especially those recovering after political
turbulence, remain in vulnerable positions and will grow at
half the pace registered by oil exporters. Risks are
multiple and reflect the heterogeneous domestic conditions
across MENA, especially in the oil importers and in the
global economy. |
|---|