World Economic and Financial Surveys

Regional Economic Outlook: Middle East and Central Asia

October 2007

Ordering Information


The Middle East and Central Asia is undergoing a remarkable transformation driven by rapid GDP growth and high oil and non-oil commodity prices. The report presents common economic trends and reviews prospects and policies for the coming year in light of the global economic environment. This latest REO includes boxes treating both regional topics--such as growth in the Maghreb countries; developments in the oil markets; the boom in the GCC countries, and the impact of the recent global credit squeeze on the region--and country-specific reviews, of Kazakhstan, Armenia, Egypt, Pakistan, and the UAE.

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Contents

Assumptions and Conventions
Recent Macroeconomic Developments and Prospects
  Highlights
  Background
  Recent Economic Developments
  Economic Outlook
    World economic outlook
    Outlook for the MCD region
  Policy Issues
Boxes
  1. Maghreb: Growth Performance and Remaining Challenges
  2. Oil Developments-An Update
  3. Regional Impact of the 2007 Global Credit Squeeze
  4. Kazakhstan: A Decade of Economic Progress
  5. Armenia: The Road to a Successful Transition
  6. Egypt: An Emerging Success Story
  7. Pakistan: An Economic Turnaround
  8. The Boom in the GCC: Is It Sustainable?
  9. The United Arab Emirates: The Race to Prosperity
Figures
  1. Global real GDP growth
  2. MCD real GDP growth
  3. External current account balance
  4. Non-oil commodity prices
  5. Gross official reserves
  6. Central government fiscal balance
  7. Total government debt
  8. Monetary developments
  9. Credit to the private sector
  10. Consumer prices
  11. Nominal effective exchange rates
  12. Real effective exchange rates
  13. Selected stock market indices
  14. Global outlook
  15. Brent crude oil prices
Statistical Appendix
  Data and Conventions
  Tables
  1. Real GDP Growth
  2. Nominal GDP
  3. Oil and Non-Oil Real GDP Growth for Oil Exporters
  4. Crude Oil Production and Exports
  5. Consumer Price Inflation
  6. Broad Money
  7. Central Government Fiscal Balance
  8. Central Government Total Revenue Excluding Grants
  9. Oil Exporters: Central Government Non-Oil Fiscal Balance
  10. Oil Exporters: Central Government Non-Oil Revenue
  11. Central Government Total Expenditure and Net Lending
  12. Total Government Debt
  13. Exports of Goods and Services
  14. Imports of Goods and Services
  15. Current Account Balance (in billions of U.S. dollars)
  16. Current Account Balance (in percent of GDP)
  17. Real Effective Exchange Rates
  18. Gross Official Reserves
  19. Total Gross Public and Private External Debt