According to the International Monetary Fund, the Middle East and North Africa region is set for another year of poor economic growth with 2.6 percent growth this year and expected 3.8 percent next year. The regional economy will continue to suffer from the conflict in Iraq, Syria and Libya and remain plagued by sky-high unemployment coupled with lower oil prices. [WSJ]
US affirms support to Egypt’s economy and its stability
The US Treasury Secretary renewed Washington’s strong support to Egypt’s economy and stability and reconfirmed the United States is committed to offer Egypt $200 million in aid assistance. He noted that small and medium size enterprises are the focus of assistance from the US and international financial institutions, since they are seen as the driving force of the economy. The Egyptian Finance Minister stated that Egypt does not intend to seek out another World Bank loan and aims to reduce the country’s reliance on aid. [KUNA]
Iraqi economy to shrink for first time since 2003 war
According to the International Monetary Fund the Iraqi economy is expected to shrink by 2.7 percent this year. This would mark the first contraction of the Iraqi economy since 2003. The spread of the Islamic State has halted the expansion of oil production while exports remain stable. [Reuters]
Morocco showed economic stability amid Arab Spring turmoil
According to the World Bank, Morocco demonstrated great institutional and economic stability amid the turmoil that has been going on regionally over recent years. Morocco benefits from its location, at the crossroads of sub-Saharan Africa and Europe, as well as its position on the Atlantic. [IANS]
Also of Interest:
Trade exchange between Yemen, EU rises to YR 457.9 billion | SABA
Egypt’s cabinet to approve investment law in two weeks | Ahram Online
In election season, worry looms over Tunisia’s state banking trio | The Africa Report
Turning political support to investment: Tunisia’s foreign minister speaks to Ahram Online | Ahram Online
Kuwait’s $1 billion aid to Egypt unconfirmed, says finance minister | Ahram Online
Unhappy Yemen | Energy Global
Morocco’s BMCE prepares Islamic finance subsidiary with Gulf partner | Marocco World News
Lew urges Egypt to push forth with reforms to stabilize economy | Bloomberg
Syria and Russia sign economic, commercial, scientific and technical cooperation protocol | Syria Online
In rural Tunisia, economic malaise weighs on voters | Reuters
Tunisia elections: at source of Arab Spring, a focus on jobs, not jihad | CsMonitor