IMF raises 2010 Middle East growth forecast to 4.5%, expects contraction in Dubai

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The IMF raised its forecast for economic growth in the Middle East this year to 4.5% from 4.2%.

The economies of the region may expand 4.8% in 2011, the Washington-based lender said in an update of its World Economic Outlook released today. Economic growth in 2009 was 2.2%, according to the report.

The IMF kept its baseline petroleum price forecast for 2010 unchanged at US$76 a barrel. It raised its projections for next year by US$3 to US$82 a barrel, the report said.