IMF study: The economies of the Middle East
Regional, Economics, 12/17/1997

The International Monetary Fund (IMF) estimated that the Middle East will achieve a growth rate of 4% and that the rate of individual incomes in comparison to the national net product will also increase for the second consecutive year.

A study prepared by the assistant director of the Middle East Department in the Fund Mohamed Al Erian showed that the economic progress in the Middle East will be brought about partially by favorable external circumstances like an increase in the oil prices during 1996 and the favorable environmental circumstances in the north African region.

The study called for supporting and accelerating the economic transformation process, especially as there is a pressing need for a greater increase in the ratios of investment and savings to raise the growth rate to meet the increase in new manpower that is entering the employment markets.

The study added that the Middle East countries should move quickly to restructure their economies in order to participate in the globalization process.

The total national net product in the Middle East region reached $750 billion last year. The individual income average varied between $200 per year in Somalia to $16,000 in Kuwait, Qatar and the UAE.

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