IMF sees higher growth rate in Middle East and Central Asia than global average

Dubai: The International Monetary Fund (IMF) on Monday released the October 2008 Regional Economic Outlook: Middle East and Central Asia.

Outlining the report's main findings, Mohsin Khan, Director of the IMF's Middle East and Central Asia Department (MCD), said: "The MCD region has continued to experience strong growth in 2008, outpacing global growth for the ninth year in a row. Growth is underpinned by high commodity prices, strong domestic demand, and also credibility of the authorities' economic policies. So far, the Middle East and Central Asia region has been largely resilient to the ongoing international credit crisis and the downturn in the US and other advanced economies. However, inflation has emerged as a key issue in the region, and is well above the average of all developing and emerging market countries."

"For 2008 we expect real GDP in the region to grow about 6 per cent. In 2009, growth is projected to continue at a slightly slower pace, around 6 percent. This is still significantly higher than the global average", Mr. Khan said.

The Regional Economic Outlook (REO) covers 30 countries, divided into three groups for analytical purposes: oil exporters, low-income countries (LICs) and emerging markets. For each of the three groups the REO presents key economic issues, and an assessment of growth prospects as well as policy challenges. In addition, the REO takes a closer look at topical issues related to individual countries or industries in the region.