{
  "title": "Regional Economic Outlook: Middle East and Central Asia, October 2009 -- Table of Contents",
  "publication": "Middle East and Central Asia, October 11, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/reo/meca/issues/2017/01/07/regional-economic-outlook-middle-east-and-central-asia5",
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  "summary": "The global economic crisis has taken a toll on the Middle East and Central Asia region, but appropriate policy responses have helped mitigate the impact.",
  "sections": [
    {
      "heading": "Executive summary and outlook",
      "content": "- The global economic crisis has taken a toll on the Middle East and Central Asia region, but appropriate policy responses have helped mitigate the impact.\n- Oil exporters in the region are expected to benefit from rising oil prices as the world economy begins to pull out of an unparalleled post-World War II recession.\n- Oil importers are likely to continue to face continued headwinds that may delay an uptake in growth.\n- For the region’s low-income countries, higher donor support will be needed to maintain economic development.\n- Published biannually in May and October."
    },
    {
      "heading": "Policy recommendations and priorities",
      "content": "- Where feasible, countries should continue to support domestic demand to lessen the impact of the crisis on the poor while maintaining a focus on debt sustainability.\n- Across the region, governments should further strengthen financial systems.\n- Governments should be careful not to lose momentum on structural reforms."
    },
    {
      "heading": "Report structure and main analytical themes",
      "content": "- Preface\n- Assumptions and Conventions\n- Country and Regional Groupings\n- Highlights\n- 1. MENAP Oil Exporters: Weathering the Global Storm\n- 2. MENAP Oil Importers: Slow Recovery Ahead\n- 3. The Caucasus and Central Asia: In the Midst of the Crisis\n- Appendix: Fiscal Policy: How Much Space Do Countries Have?\n- Statistical Appendix"
    },
    {
      "heading": "Featured analytical boxes (selected)",
      "content": "- 1.1 Islamic and Conventional Banks in the GCC: How Did They Fare?\n- 1.2 Oil Sector Prospects: Global Implications\n- 2.1 Spillovers from the Global Crisis\n- 3.1 Economic Prospects in Major Partner Countries and the CIS\n- 3.2 The Macroeconomic Consequences of Declining Remittances and the Response of the International Community"
    },
    {
      "heading": "Key indicators, figures, and tables (themes)",
      "content": "- Indicators of crisis impact and recovery: Current Account Balance Falls; Buildup of External Reserves, Drawn Down During Crisis; Changes in International Reserves; Private Sector Credit Decelerated; Central Banks Extend Credit; Financing Conditions Are Improving; Signs of Bottoming Out; Change in Stock Market Indices: Large Drop, Partial Recovery; Valuation Ratios Signal Optimism Toward a Recovery.\n- Regional patterns: Exports Rebounding; Economic Growth Slowed During the Crisis and Is Likely to Remain Relatively Subdued; Lower Receipts from Abroad; Trade Patterns Differ; Procyclical Fiscal Impulses; High Debt Burden; Attenuating Price Pressures; Currencies Mostly Appreciating; Consumption Will Drive Growth; Lower Investment Is Behind Narrowing of External Current Account Deficits.\n- Caucasus and Central Asia specifics: CCA Remittance Inflows Are Declining Sharply; Exports Have Contracted Sharply in 2009 . . . but Imports Have Also Fallen; External Balances Are Weakening; Fiscal Policy Is Expansionary; Debt Levels Are Rising . . . and Grant Support Is Declining; Inflation Is Declining Rapidly; Most CCA Currencies Have Depreciated Against the U.S. Dollar but Not the Russian Ruble; Nonperforming Loans Are Rising; Credit Growth Slows; Rising Lending Rates Could Hold Back Investment."
    },
    {
      "heading": "Statistical and tabular coverage",
      "content": "- Statistical Appendix Tables include: Real GDP Growth; Nominal GDP; Oil and Non-Oil Real GDP Growth; Crude Oil Production and Exports; Consumer Price Inflation; Broad Money Growth; Central Government Fiscal Balance; Central Government Total Revenue, Excluding Grants; Oil Exporters: Central Government Non-Oil Fiscal Balance; Oil Exporters: Central Government Non-Oil Revenue; Central Government Total Expenditure and Net Lending; Total Government Debt; Exports of Goods and Services; Imports of Goods and Services; Current Account Balance (Billions of U.S. dollars); Current Account Balance (Percent of GDP); Gross Official Reserves; Total Gross External Debt.\n\nRegional Economic Outlook: Middle East and Central Asia, October 2009 -- Table of Contents\n\n---\n\n Content in this bundle\n\n- آفاق الاقتصاد الإقليمي : الشرق الوسط وآسيا الوسطى --  أكتوبر 2009\n  - آفاق الاقتصاد الإقليمي : الشرق الوسط وآسيا الوسطى --  أكتوبر 2009 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - آفاق الاقتصاد الإقليمي : الشرق الوسط وآسيا الوسطى --  أكتوبر 2009 (PDF){rel=\"external\" type=\"application/pdf\"}\n- آفاق الاقتصاد الإقليمي : الشرق الوسط وآسيا الوسطى -- أضواء على أهم الأحداث؛ أكتوبر 2009\n  - آفاق الاقتصاد الإقليمي : الشرق الوسط وآسيا الوسطى -- أضواء على أهم الأحداث؛ أكتوبر 2009 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - آفاق الاقتصاد الإقليمي : الشرق الوسط وآسيا الوسطى -- أضواء على أهم الأحداث؛ أكتوبر 2009 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Microsoft PowerPoint\n  - Microsoft PowerPoint (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Microsoft PowerPoint (PDF){rel=\"external\" type=\"application/pdf\"}\n- 2009年10月中东和中亚地区经济展望 -- 要点\n  - 2009年10月中东和中亚地区经济展望 -- 要点 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 2009年10月中东和中亚地区经济展望 -- 要点 (PDF){rel=\"external\" type=\"application/pdf\"}\n- mreo1009hifpdf\n  - mreo1009hifpdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - mreo1009hifpdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- mreo1009menapfpdf\n  - mreo1009menapfpdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - mreo1009menapfpdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- Presentation on Caucasus and Central Asia, October 2009\n  - Presentation on Caucasus and Central Asia, October 2009 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Presentation on Caucasus and Central Asia, October 2009 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Regional Economic Outlook: Middle East and Central Asia -- Highlights; October 2009\n  - Regional Economic Outlook: Middle East and Central Asia -- Highlights; October 2009 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Regional Economic Outlook: Middle East and Central Asia -- Highlights; October 2009 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Presentation on Middle East, North Africa, Afghanistan, and Pakistan, October 2009\n  - Presentation on Middle East, North Africa, Afghanistan, and Pakistan, October 2009 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Presentation on Middle East, North Africa, Afghanistan, and Pakistan, October 2009 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Regional Economic Outlook: Middle East and Central Asia -- October 2009\n  - Regional Economic Outlook: Middle East and Central Asia -- October 2009 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Regional Economic Outlook: Middle East and Central Asia -- October 2009 (PDF){rel=\"external\" type=\"application/pdf\"}\n- mreo1009ccarpdf\n  - mreo1009ccarpdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - mreo1009ccarpdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- Кавказ и Центральная Азия в разгар кризиса\n  - Кавказ и Центральная Азия в разгар кризиса (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Кавказ и Центральная Азия в разгар кризиса (PDF){rel=\"external\" type=\"application/pdf\"}\n- Ближний Восток и Центральная Азия — Октябрь, 2009\n  - Ближний Восток и Центральная Азия — Октябрь, 2009 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Ближний Восток и Центральная Азия — Октябрь, 2009 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.\n- Modify your profile\n- Unlocking Central Asia’s Huge Potential\n- Did Islamic Banks in the Gulf Do Better Than Conventional Ones in the Crisis?\n- Mideast Oil Exporters Face the Crisis Head On\n- IMF Commends Middle Eastern Oil Exporter's Countercyclical Policy Response; Envisages Muted Recovery for Regions Oil Importers\n- Webcast\n- Transcript\n- IMF Expects Modest Recovery in the Caucasus and Central Asia\n- Sound Policies Soften Crisis Impact on Middle East\n- Caucasus, Central Asia Feel Crisis Impact, But Set for Modest Upturn\n- Regional Economic Outlooks\n- World Economic Outlook:\n- Adobe Acrobat Reader\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/reo/meca/issues/2017/01/07/regional-economic-outlook-middle-east-and-central-asia5"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/reo/meca/issues/2017/01/07/regional-economic-outlook-middle-east-and-central-asia5/index.md)",
    "[Structured JSON version](/en/publications/reo/meca/issues/2017/01/07/regional-economic-outlook-middle-east-and-central-asia5/index.json)",
    "[Bundle manifest](/en/publications/reo/meca/issues/2017/01/07/regional-economic-outlook-middle-east-and-central-asia5/bundle-manifest.json)",
    "Published: October 11, 2009",
    "Series: Middle East and Central Asia",
    "The global economic crisis has taken a toll on the Middle East and Central Asia region, but appropriate policy responses have helped mitigate the impact.",
    "Oil exporters in the region are expected to benefit from rising oil prices as the world economy begins to pull out of an unparalleled post-World War II recession.",
    "Oil importers are likely to continue to face continued headwinds that may delay an uptake in growth.",
    "For the region’s low-income countries, higher donor support will be needed to maintain economic development.",
    "Published biannually in May and October.",
    "Where feasible, countries should continue to support domestic demand to lessen the impact of the crisis on the poor while maintaining a focus on debt sustainability.",
    "Across the region, governments should further strengthen financial systems.",
    "Governments should be careful not to lose momentum on structural reforms.",
    "Preface",
    "Assumptions and Conventions",
    "Country and Regional Groupings",
    "Highlights",
    "1. MENAP Oil Exporters: Weathering the Global Storm",
    "2. MENAP Oil Importers: Slow Recovery Ahead",
    "3. The Caucasus and Central Asia: In the Midst of the Crisis",
    "Appendix: Fiscal Policy: How Much Space Do Countries Have?",
    "Statistical Appendix",
    "1.1 Islamic and Conventional Banks in the GCC: How Did They Fare?",
    "1.2 Oil Sector Prospects: Global Implications",
    "2.1 Spillovers from the Global Crisis",
    "3.1 Economic Prospects in Major Partner Countries and the CIS",
    "3.2 The Macroeconomic Consequences of Declining Remittances and the Response of the International Community",
    "Indicators of crisis impact and recovery: Current Account Balance Falls; Buildup of External Reserves, Drawn Down During Crisis; Changes in International Reserves; Private Sector Credit Decelerated; Central Banks Extend Credit; Financing Conditions Are Improving; Signs of Bottoming Out; Change in Stock Market Indices: Large Drop, Partial Recovery; Valuation Ratios Signal Optimism Toward a Recovery.",
    "Regional patterns: Exports Rebounding; Economic Growth Slowed During the Crisis and Is Likely to Remain Relatively Subdued; Lower Receipts from Abroad; Trade Patterns Differ; Procyclical Fiscal Impulses; High Debt Burden; Attenuating Price Pressures; Currencies Mostly Appreciating; Consumption Will Drive Growth; Lower Investment Is Behind Narrowing of External Current Account Deficits.",
    "Caucasus and Central Asia specifics: CCA Remittance Inflows Are Declining Sharply; Exports Have Contracted Sharply in 2009 . . . but Imports Have Also Fallen; External Balances Are Weakening; Fiscal Policy Is Expansionary; Debt Levels Are Rising . . . and Grant Support Is Declining; Inflation Is Declining Rapidly; Most CCA Currencies Have Depreciated Against the U.S. Dollar but Not the Russian Ruble; Nonperforming Loans Are Rising; Credit Growth Slows; Rising Lending Rates Could Hold Back Investment.",
    "Statistical Appendix Tables include: Real GDP Growth; Nominal GDP; Oil and Non-Oil Real GDP Growth; Crude Oil Production and Exports; Consumer Price Inflation; Broad Money Growth; Central Government Fiscal Balance; Central Government Total Revenue, Excluding Grants; Oil Exporters: Central Government Non-Oil Fiscal Balance; Oil Exporters: Central Government Non-Oil Revenue; Central Government Total Expenditure and Net Lending; Total Government Debt; Exports of Goods and Services; Imports of Goods and Services; Current Account Balance (Billions of U.S. dollars); Current Account Balance (Percent of GDP); Gross Official Reserves; Total Gross External Debt.",
    "**آفاق الاقتصاد الإقليمي : الشرق الوسط وآسيا الوسطى --  أكتوبر 2009**",
    "**آفاق الاقتصاد الإقليمي : الشرق الوسط وآسيا الوسطى -- أضواء على أهم الأحداث؛ أكتوبر 2009**",
    "**Microsoft PowerPoint**",
    "**2009年10月中东和中亚地区经济展望 -- 要点**",
    "**_mreo1009hifpdf**",
    "**_mreo1009menapfpdf**",
    "**Presentation on Caucasus and Central Asia, October 2009**",
    "**Regional Economic Outlook: Middle East and Central Asia -- Highlights; October 2009**",
    "**Presentation on Middle East, North Africa, Afghanistan, and Pakistan, October 2009**",
    "**Regional Economic Outlook: Middle East and Central Asia -- October 2009**",
    "**_mreo1009ccarpdf**",
    "**Кавказ и Центральная Азия в разгар кризиса**",
    "**Ближний Восток и Центральная Азия — Октябрь, 2009**",
    "[Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index)",
    "[Modify your profile](https://www.imf.org/en/email-subscription/login)",
    "[Unlocking Central Asia’s Huge Potential](http://blog-imfdirect.imf.org/2009/10/16/unlocking-central-asia%e2%80%99s-huge-potential/)",
    "[Did Islamic Banks in the Gulf Do Better Than Conventional Ones in the Crisis?](http://blog-imfdirect.imf.org/2009/10/14/islamic-banking/)",
    "[Mideast Oil Exporters Face the Crisis Head On](http://blog-imfdirect.imf.org/2009/10/11/mideast-oil-exporters/)",
    "[IMF Commends Middle Eastern Oil Exporter's Countercyclical Policy Response; Envisages Muted Recovery for Regions Oil Importers](https://www.imf.org/external/np/sec/pr/2009/pr09358.htm)",
    "[Webcast](https://www.imf.org/external/mmedia/view.asp?eventID=1590)",
    "[Transcript](https://www.imf.org/external/np/tr/2009/tr100309b.htm)",
    "[IMF Expects Modest Recovery in the Caucasus and Central Asia](https://www.imf.org/external/np/sec/pr/2009/pr09338.htm)",
    "[Sound Policies Soften Crisis Impact on Middle East](https://www.imf.org/external/pubs/ft/survey/so/2009/CAR101109A.htm)",
    "[Caucasus, Central Asia Feel Crisis Impact, But Set for Modest Upturn](https://www.imf.org/external/pubs/ft/survey/so/2009/car100209a.htm)",
    "[Regional Economic Outlooks](https://www.imf.org/external/pubs/ft/reo/reorepts.aspx)",
    "[World Economic Outlook:](https://www.imf.org/external/pubs/ft/weo/2009/02/index.htm)",
    "[Adobe Acrobat Reader](https://www.imf.org/adobe)"
  ],
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