While the Middle East has weathered the global recession better than many parts of the world, the region faces a steep climb to restore pre-recession levels of economic growth, a panel of economists told the inaugural meeting of the Arab Global Forum this week.
Some countries, including Morocco and Tunisia, have fared well through sound investments and government reforms, the economists said. Some oil-producing countries, meanwhile, reduced the effects of the crisis by maintaining public expenditure in the face of declining revenues.
“Because they continued to spend, this limited the effect of lower oil prices,” said Masood Ahmed, the director of the IMF’s Middle East and Central Asia department.
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