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IMF: Arab Spring Countries Face Economic Slowdown

In its quarterly economic survey, the International Monetary Fund (IMF) points out that the three countries that have deposed their rulers - Tunisia, Egypt, and Libya - will face an economic slowdown in 2011 and perhaps through 2012.

In Tunisia, the gross domestic product (GDP) will register no growth in 2011, compared with growth of 3.1% the year before. In the case of Egypt, GDP will grow by 1.2% compared with 5.1% in 2010. The prospects for oil-rich Libya are not promising.

The IMF writes that social turmoil has caused a sharp decline in tourism to Egypt, Jordan, Lebanon, Syria and Tunisia during the first five months of the year.

By contrast, the oil-rich Gulf countries which have not been affected by political turmoil are likely to register economic growth of about 7% this year.

Source: Al-Sharq Al-Awsat, London, October 27, 2011

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