EU takes legal action against UK over planned Brexit bill    Lyon sign midfielder Paqueta from Milan on five-year deal    Live score: Masry v Zamalek (Egyptian Premier League)    Egypt's Sisi arrives in Kuwait to offer condolences over Sheikh Sabah Al-Ahmad's death    Russia's Navalny accuses Putin of being behind poisoning    Premier League asking for changes to football's handball law    Egypt reports 119 new coronavirus cases, 16 deaths on Wednesday    Egypt's Sisi follows up on project to raise pure-bred Egyptian-Arabian horses    Study: Neanderthal genes may be liability for COVID patients    Egypt parliament to convene on Thursday for sixth legislative season    Sharp virus spread in Madrid leads to new anti-outbreak plan    Mostafa Rizq gives a concert at El-Sawy Culturewheel    Egypt to guarantee funding for national carrier Egyptair    The colours of the tabla    Nile blessings in disguise    Why is Nasser still popular?    The facts about Mostorod    Editorial: Time to rebuild    Egyptian insurance companies' premiums 9.6% up in five months    Egypt's President Sisi names new head of anti-corruption watchdog    Egypt's offers 18 bln pounds T-bills on Sunday    EgyptAir offering discounts for some international flights    Egypt records 212 new coronavirus cases, 14 deaths on Saturday    Egypt to require PCR coronavirus tests for airport travelers    Egypt sends 125 tonnes of glass by sea to Beirut    Legend Messi officially wants to leave Barcelona, hands transfer request    Global smartphone sales drop 20% in Q2, yet Apple's iPhone sales steady    Sisi: Egypt keen on establishing development projects with Iraq, Jordan    Egyptian megastar Amr Diab releases new hit music video    Making of Harry Potter will be available for fans at new park in Tokyo    Egypt's Senate elections official results to be announced Wednesday    Netflix Egypt is bringing megastar Amr Diab back with a new original    Egypt reopens Rafah border crossing for first time since April    Egypt's senate elections 2020 trending on social media in few days    African Champions League final will be played on Oct. 16-17, CAF says    No room to delay Egyptian Premier League games – EFA's board member    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Mideast Oil Exporters' Economic Growth To Accelerate In 2012-IMF
Published in Amwal Al Ghad on 09 - 10 - 2012

The Middle East and North Africa's oil exporting countries will see economic growth accelerate in 2012 to 6.6 percent, mainly due to a strong rebound of activity in Libya, the International Monetary Fund said on Tuesday.
The forecast marked a rare upgrade in the IMF's semi-annual World Economic outlook report after it downgraded its expectations for global growth.
The IMF had forecast growth of 4.8 percent across the oil producing economies of the Middle East and Africa in its previous semi-annual review in April. Growth in 2011 was 3.9 percent.
However, it forecast that 2012 GDP in Iran, suffering from international sanctions over its disputed nuclear programme, would fall 0.9 percent to product the country's first economic contraction since 1994. In April, it had forecast growth of 0.4 percent.
"In most ... oil exporters, non-oil GDP growth is expected to remain robust in 2012, supported by ratcheted-up government spending as oil prices remain at historically high levels, while oil-sector growth is forecast to moderate somewhat after a strong increase in 2011," the IMF said.
It attributed the pick up in its expectations for the oil exporting grouping largely to increased economic activity in Libya since 2011.
The Fund included Sudan among oil importers in its latest review following the secession of South Sudan in 2011. It had listed Sudan among the oil exporters in its April report.
Near-term risks mainly stem from oil prices and global growth, the Fund said: "For oil exporters, government expenditures have risen to such a degree that substantial declines in the price of oil could undermine fiscal positions."
"Despite significant accrued financial buffers, such declines could put at risk ongoing infrastructure investment and growth," it said.
However, geopolitical risks, including those related to Iran, could lead to higher oil prices, the IMF said.
"In oil exporters, it will be critical to contain increases in spending on entitlements that are hard to reverse," the Fund said, adding that a priority should be to take advantage of high oil prices to diversify economies away from hydrocarbons.
Crude prices have been on a roller-coaster ride this year, sliding to lows of around $88 per barrel in June from a March peak above $128. They were around $110 this week.
In contrast, the IMF cut its 2012 forecast for growth among the region's oil importers to 1.2 percent from 2.2 percent in April as countries from Morocco to Jordan suffer from social unrest, economic weakness in Europe and high oil prices.
The group's GDP rose 1.4 percent in inflation-adjusted terms in 2011, the IMF said. Syria is excluded due to the civil war.
The IMF raised its forecast for 2012 growth in Egypt, weakened by economic turmoil since the popular uprising last year, to 2.0 percent from 1.5 percent predicted in April.
However, this year's growth prospects for Morocco, hit by drought and the slump in the European Union, worsened. The IMF now sees 2012 growth of 2.9 percent, compared with an April forecast of 3.7 percent.
"Because of extensive food and fuel subsidies in most economies, the immediate concern with spikes in commodity prices is not the effect on inflation and disposable income, but rather the strain on budgets and foreign exchange reserves," the IMF said, referring to oil importers.
"Structural fiscal reforms aimed at reorienting government spending toward poverty reduction and the promotion of productive investment will be crucial to improving the budget outlook," the Fund said.

Clic here to read the story from its source.