IMF: Oil boosted rebound for Mideast, North Africa after global financial crisis

IMF: Mideast recovering well from global slump

CAIRO — The International Monetary Fund says the Middle East and North Africa region is recovering strongly following the global financial meltdown, with sizable stimulus packages and continued strength in oil prices supporting the rebound.

The IMF said in its World Economic Outlook released Wednesday that the MENA region’s GDP growth is projected to be 4.1 percent this year and 5.1 percent in 2011. GDP growth for the region was 2 percent in 2009.

The sustained rebound in oil prices since 2009 has benefited Mideast oil exporters, as well as oil importers that sell about 25 percent of their products to those nations. But the IMF said uncertainties remain, linked to the volatility in the overall global economic recovery.