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Mena region growth to rise 4.6%, says World Bank

Mena region growth to rise 4.6%, says World Bank
The World Bank Group’s latest regional economic update projects growth in the Middle East and North Africa (MENA) region to accelerate from an average of 2.6 per cent in 2013 to 4.6 per cent in 2015, the Gulf Today reported.

With the global economy set for a rebound, 2014 seems hopeful and 2015 could be a turning point for countries in the Mena region as they should start to benefit from stronger external demand.

ìPositive advances in the political climate of the transition countries could likely set the stage for gradual improvements in economic prospects,” said Inger Andersen, World Bank Regional Vice President for the Middle East and North Africa. ìPersisting with the necessary economic and structural reforms will undoubtedly help countries in the Mena region tackle problems that have previously prevented them from moving to a higher and sustainable growth path.” The outlook for the economies in the Mena region is cautiously positive. Higher global demand is expected to boost exports of energy and manufactured products in those countries that trade with high-income countries.”

He added, “The oil exporters in the Mena region are expected to lead the regional recovery with growth reaching 3.5 per cent in 2014 and 4.8 per cent in 2015.

“The global recovery is still fragile and downside risks, including continued low inflation in high-income economies and the escalation of conflict in Ukraine, remain,” said Shanta Devarajan, World Bank Chief Economist for the Mena region.

“The biggest risk to economic recovery in the Mena region is that long-standing structural problems do not get resolved.”