IMF’s Regional Economic Outlook for the Middle East and Central Asia, released November 11, projects growth in the region at an average of about 5½ percent for 2012 and 2013. As stated in the IMF press release Growth for the region’s oil- and gas-exporting countries—Azerbaijan, Kazakhstan, Turkmenistan, and Uzbekistan—is projected to moderate slightly to about 5½ percent in 2012 and 2013 from about 7 percent in 2011, with lower growth in hydrocarbon production. However, public spending and directed credit will continue to ensure robust activity in the non-oil sector.
