While the impact on the region of the Dubai crisis and the unfolding events in Greece has been limited so far, a re-pricing of sovereign debt cannot be ruled out, adding an element of uncertainty to the outlook. Dealing with the legacy of the global economic crisis will be the priority in 2010. In some MENAP oil exporters, bank balance-sheet strains emerged during the crisis, and country-specific solutions to address these strains will need to be found. As unemployment continues to rise in the MENAP oil importers, the need to raise growth and competitiveness will take center stage, against the backdrop of a weak pickup in external demand and tight competition from other emerging markets. Relevant coverage in the press:
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