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MENA Economic Report

Source: Global Investment House

MENA feeling the impact of worldwide economic contraction

Though at different levels, the world economic crisis has negatively affected economies around the globe. Some countries showed resilience to the problem, while others fell into deep recessions. As the year 2008 carried robust growth, coupled with unprecedented strength in demand, resulting in price surges that put inflationary pressure on most of the world economies, the year ended with severe dips in financial markets triggered by the American subprime crisis.
In 2009, the world economy was confirmed to enter into the deepest recession since the Second World War. Declining growth, if at all, credit constrains, diminishing demand and job losses are the most apparent problems associated with the world recession in 2009.
The Middle East and North Africa (MENA) region is feeling the impact of the world recession as well. The year 2009 came with unfavorable circumstances for this region, which was once at odds from the international economy. Again, the effect of the crisis differed from a country to another, depending on its economic conditions. Economies that are oil based were strongly hit in their current accounts, as their trade balances depended on oil exports. The main problem is with the oil prices peaking over US$140 per barrel, many of these economies built their future budgetary spending in the coming years assuming the sustainability of such elevated worth per barrel. These countries had to rearrange their expansionary budgets to match with plummeting energy prices. Other countries, where services receipts are the main sources of national income, have been hardly hit by the current stagnation of the world economy and are awaiting for any signs of recovery. However, few countries showed real resilience to the recession and have managed to optimize the current situation to get least affected by the world turmoil.

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