Growth forecasts cut for 2012

Following recent downward revisions to our forecasts for growth across the developed and emerging markets, we have also cut our forecasts for the Middle East and North Africa (MENA) region. We now expect GDP to grow by around 3.3% in 2012 (compared to the IMF’s 3.6%), down from our previous forecast of 4.5%. The oil-rich Gulf Cooperation Council (GCC) countries should outperform the resource-poor countries – notably Egypt, Syria and Tunisia.