MENA report - Unit 3 pre-release

The World Bank produces an annual development report for the Middle East and North Africa (2008 MENA Economic Developments and Prospects : Regional Integration for Global Competitiveness).

Below are some of the key points from the overview:

During 2007 MENA experienced average growth of 5.7%
Fifth year in a row the growth has been above 5%
An achievement against the backdrop of turbulence in the financial markets and arise in the costs of food stuffs
Oil prices rose by 78% in 2007
UAE, Qatar, Kuwait, Oman and Bahrain are categorized as ‘resource-rich, labour importing’ countries
Region has done well when compared to it’s past, but not when compared to other regions
Global financial turbulence seems to have had little impact
All countries remain high importers of food
FDI reached $45 billion in the region
UAE one of the three largest FDI recipients in the region
16% of all migrant earnings are in the Middle East
Oil boom has led to increased migration to the oil-exporting countries
Despite the positives, much still needs to be done if this region is to keep up in an increasingly competitive global market