Global crisis impact on Mideast 'limited'
Dubai, December 21, 2011
Fitch Ratings said that although growth in the Middle East and Africa (MEA) region will slow in 2012 to four per cent from almost 5 per cent this year, tracking the global slowdown, the broader impact on the region's countries will be limited.
Of the 26 countries in the region, all are on stable outlook except for the three negative outlooks on Egypt (BB), Tunisia (BBB-) and Lesotho (BB-), Fitch said in its latest global Sovereign Review and Outlook report.
The reason for MEA's relative resilience is partly the limited expected impact on commodity prices, especially oil, which Fitch sees averaging $100 a barrel in 2012 compared with $110 in 2011.
The oil market remains tight and rising political risk centred on Syria and Iran is another factor keeping prices high.-TradeArabia News Service