IMF expects weak growth in the Middle East

In its Autumn report in the economic situation in the Middle East, the International Monetary Fund (IMF) expected the countries of the region to witness a slowness in the growth during 2004 and 2005 despite the fact the investments have achieved good level in 2003 and recording huge increase in oil revenues.

The report estimated the GNP in the region which includes under the name of the " Middle East" the countries of the Middle East and North Africa, a rate of 5.1 percent in 2004 against 6% in 2005. noting that this increase will not be a result of the oil sector whose growth rate will decrease.

On the other hand, the report expected the non oil sector to witness a large increase making use of the world and European economic growth and the efforts made at the level of liberalizing inter- trade. The 21 Arab states members in the Middle East countries attracted in 2003 direct foreign investments at $ 8.6 billion while these investments receded in 2002, according to the " Arab investment for investment guarantees" in Kuwait.