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Middle East economic growth to slow
- Middle East: Wednesday, December 10 - 2008 at 08:11
A new report from the World Bank predicts that economic growth in the Middle East and North Africa will slow to 3.9% in 2009 from 5.8% in 2008 due to a continued decline in oil prices and the global financial crisis. The report said the region's economy may pick up by 2010, depending on how fast oil prices are pushed up to a so-called 'fair' price of $65 to $75 per barrel. Overall, the bank's annual 'Global Economic Prospects' report predicts that global growth will slow to just 0.9% next year as falling asset prices worsen the credit crunch.
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Jeff Florian, Senior ReporterWednesday, December 10 - 2008 at 08:11 UAE local time (GMT+4)
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