LONDON -- The Middle East has received a rosy forecast for economic
growth during the next year.
The London-based Economist Intelligence Unit said the Middle East will
be the second fastest growing region in the world during 2000.The
publication expects that the world gross development product will increase
by 2.8 percent in 2000, up from an estimated 2.5 percent during the previous
year.
"This upswing will happen because most of the big developed economies
are likely to perform well, while many emerging markets will do better than
in 1999," the unit said.
The fastest growing region in the world will be sub-Saharan Africa. This
will be followed by the Middle East, which will grow at a rate faster than
the world average.
The top five countries will grow by eight percent or more, including
three countries in sub-Saharan Africa Mozambique, Botswana and Angola.
After the Middle East, the regions of North Africa, Latin America, and
North America will also show above average growth. In all, the unit said, 39
countries are forecast to grow by five percent or more in 2000. Only two,
Jamaica and Moldova, are forecast to experience a contraction in their GDP.
The forecast of growth in Middle East economies is based on the rising
price of oil, now at the highest in nine years. On Wednesday, Saudi Arabia
and Norway pledged to maintain output cuts as agreed until March 31.
Norway and Saudi Arabia are the two largest oil producers.
In March, OPEC leaders will meet in Vienna to decide on oil output.
Next month, the issue will be discussed by Saudi Arabia, Venezuela and
Mexico.
