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Middle East and North African economy experiencing robust recovery: IMF

25-Oct-2010 1:37 PM

International Monetary Fund (IMF) stated (24-Oct-2010) the Middle East and North Africa (MENAP) region is experiencing a robust recovery aided by rising oil prices and higher oil production levels. IMF expects the MENAP region’s output to expand by 4.2% in 2010, up from 2.3% in 2009.

IMF: "We expect most countries in the region to grow faster in 2010 and 2011 than in 2009. With the economic recovery taking hold, the region needs to resume its focus on medium-term challenges: diversification and financial market development for the oil exporters, and tackling unemployment through faster, job-creating growth in the emerging markets,” Masood Ahmed, Middle East and Central Asia Director. Source: Company Statement, 24-Oct-2010.