Unrest slashing Arab economic growth: World Bank
  • This Section
  • Latest
  • Web Wrap
Last Updated: Monday, April 11, 2011, 13:56
  
Washington: Unrest in the Middle East and North Africa is putting the brakes on economic growth in the region that had been expected to accelerate this year, the World Bank has said.

Justin Lin, the World Bank's chief economist, said that research by the development lender's economists showed that economic output in the Middle East and North Africa, was paying a heavy price for the recent wave of anti-regime upheaval.

In its January economic forecasts, the World Bank projected that the region, recovering from the 2009 global downturn, would see gross domestic product (GDP) growth rise from a 3.3 per cent rate in 2010 to a 4.3 per cent pace in 2011.

"Our estimates show that the impact on the countries, like Egypt and Tunisia, can be a drop of about three percentage point reduction" in their GDP growth, Lin told reporters in a briefing on a new bank report on conflict and development.

"For the region, the Middle East and North African countries, the impact can be about 2.4 percentage point," he said.

PTI


First Published: Monday, April 11, 2011, 13:56


comments powered by Disqus