Oil makes Middle East economies fastest-growing in the world

LONDON — Soaring oil revenues will turn the Middle East into the fastest growing region in the world.

The forecast was issued by the London-based Economist Intelligence Unit in its annual outlook issued on Friday. The publication said economic growth for the Middle East and North Africa will increase from 3.6 to 4.4 percent during 2001.

This growth rate will exceed that of North America and Western Europe. The publication said the growth rate of North America will decline from 5.2 percent in 2000 to 3.2 percent.

Iraq will have the highest growth rate in the region. Oman and the United Arab Emirates will follow with rates of 5.5 percent in their gross development product. Qatar and Bahrain will follow with rates of 5.1 and 4.6 percent respectively.

Iran will see a slight increase in its GDP, from 3.5 percent in 2000 to 3.7 percent next year, the report said. Saudi Arabia and Kuwait are next with forecasted GDP increases of 3 and 2.7 percent.

The world's gross development product will decline from the 4.2 percent expected this year to 3.4 percent for 2001.