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Mena Focus

Fiscal Divergence Coming to MENA

By Rachel Ziemba, Maya Rusinowicz and Ayah El Said
Jan 06, 2011 1:00:00 PM | Last Updated

EXECUTIVE SUMMARY

While oil exporting countries will maintain expansionary budgets, particularly in North Africa, Iraq and Kuwait, oil importers are set to tighten their belts, which could restrain growth and add to political pressures. We have highlighted this regional fiscal divergence in our most recent Global Economic Outlook as a major theme for 2011 and beyond. Expansionary fiscal policy has been a major boost for MENA economies over the last decade, especially in 2009 and 2010, as much of the increase in commodity revenues went to increased domestic spending and investment.[...]

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