Unrest slashing Arab economic growth: World Bank

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

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