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International Finance Corporation (IFC): Arab Spring and Oil Prices Have Deepened Differences of Arab Economies

The director for MENA of the International Finance Corporation [the business arm of the World Bank Group], George ‘Abd, said that the record increase in the price of crude has widened the gap between the oil producing countries which have accumulated this year a surplus of $793 billion and the countries that are going through political turmoil that have lost more than $35 billion of its national income and a similar amount to capital flight.

A report issued by the IFC projects the oil-producing countries to grow by 6.5% while the others will grow by 0.4%. It also projects that most foreign direct investments this year will target Saudi Arabia and the UAE with some going to Tunisia, Lebanon and Jordan.

www.daralhayat.com October 21, 2011

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