Mideast Oil Importers Face Economic Slowdown

From CBS News

Middle Eastern countries without significant oil resources face a sharp slowdown in economic growth as the effects of the Arab Spring reverberate across the region, the International Monetary Fund said Wednesday.

In a twice-yearly report, the IMF cut its economic growth forecast for the Mideast’s oil importing countries – including Egypt and Tunisia – to just 1.9 percent this year. That is down from an earlier IMF forecast of 2.3 percent and well below the more than 4 percent growth in 2010.

The Washington-based fund predicts their growth in 2012 will also be weaker than anticipated, coming in at around 3 percent.

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