- Image Credit: Gulf News
Dubai: Developing economies in the Middle East and North Africa (Mena) region are expected to grow at 4.3 per cent this year, after witnessing a modest upturn in growth of around 3.3 per cent in 2010, a latest World Bank report said.
"Higher oil prices in the year benefited oil exporters, while rebound in parts of the euro area — and growth in high-income Gulf Cooperation Council (GCC) countries helped to support a revival in exports, remittances and tourism," according to the World Bank's half-yearly Global Economic Prospects 2011, released yesterday, a copy of which was obtained by Gulf News.
"After an advance of 3.3 per cent in 2010, the region is expected to enjoy stronger gains of 4.3 per cent and 4.4 per cent in 2011 and 2012 respectively, as domestic demand growth continues, export markets firm, and oil prices remain at high levels," it said.
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