World Bank projected slower growth in the Middle East and North Africa by the financial crisis hit the world today and concomitant decline in crude oil prices and lower remittances.

The Bank expressed concern about the current turmoil in the oil markets and said that will have a shadow over all sectors of the economy in the Arab oil-producing North Africa and the Middle East.
At a news conference held in Washington, Friday, Farooq Iqbal – Director of the World Bank for Economic Development in the Middle East and North Africa said – that oil was the main engine of growth in these countries over the past two years, so the prices would decline to reduced growth.
Iqbal said that economists at the bank are currently working on the basis of expectations that oil prices average $ 75 a barrel in 2009, noted that prices retreated from record highs near $ 150 a barrel last July to close transactions in New York Friday at about eighty dollars only.
In addition to the price of oil is also expected decline of remittances to the region and affect the growth early next year, reducing the World Bank forecast growth in the region since the financial crisis has accelerated and reached his estimates for the current year, down 4% from an average of 5.7% in 2007.
Source: agencies