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.
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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