MENA nations to see 'significant impact' of crisis

IMPACT WARNING: The World Bank, pictured, sees a

All countries in the Middle East and North Africa (MENA) are likely to see a "significant impact" from the global economic crisis, the World Bank's lead economist for the region has said.

Dr Auguste Tano Kouame told senior government officials and policy makers from the region: “Going forward, the second round of impact — on the real economy and people — is likely to be significant for all MENA countries.

"Countries throughout the region and their development partners can respond with policies and expenditure programmes that mitigate the impact of the financial and economic crisis while building the foundations for future economic growth in a sustained and inclusive fashion.”

Self-reliance, confidence in times of stress, and concerted planning and development by governments and the private sector are key to riding out the crisis, he added.

“The financial crisis has now become an economic crisis. Many developed countries are already in recession, and every country in the world is being affected.

"While many countries in the MENA region were able to avoid a large impact from the first round of the crisis, other countries in the region experienced its impact in quite a significant wave, due to the fact that their financial systems are more integrated globally."

Kouame’s remarks came on Thursday at a talk hosted by the Dubai School of Government on the impact of the financial crisis on Arab capital markets.

Kouame outlined a number of solutions to help the economies of the MENA region shield themselves from further impact.

He said that while sovereign wealth funds and petrodollars from the oil and gas industries have shielded many Middle Eastern economies, the global meltdown will continue to challenge heads of state and administrators with fundamental economic issues such as unemployment and food supply.

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READERS' COMMENTS

Israel successfully tests anti-rocket system
Posted by Joe, Dubai, UK on Friday 27 March 2009 at 16:44 UAE time


Israel successfully tests anti-rocket system - and the Western countries and their friends keep quiet. Their lips are sealed, perhaps they swallowed super glue. When China did the same thing, there was wild hue and cry aand calls to set up treaties to ban such developments. Korea wants to launch a satelite, and that has caused panic again in the western nations and their friends. So, what is the reaction now that Israel successfully tests anti-rocket system? Looks like their is a big cat which has bit many tongues.

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