WASHINGTON, 20 October 2008: The International Monetary Fund (IMF) Monday released the October 2008 Regional Economic Outlook: Middle East and Central Asia. Mr. Mohsin Khan, Director of the IMF’s Middle East and Central Asia Department (MCD), outlined the report’s main findings:
– The MCD region has continued to experience strong growth in 2008, outpacing global growth for the ninth year in a row. Growth is underpinned by high commodity prices, strong domestic demand, and also credibility of the authorities’ economic policies.
– So far, the Middle East and Central Asia region has been largely resilient to the ongoing international credit crisis and the downturn in the US and other advanced economies. However, inflation has emerged as a key issue in the region, and is well above the average of all developing and emerging market countries.
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http://www.imf.org/external/np/sec/pr/2008/pr08242.htm