Remittances and Developmentby
The Middle East and North Africa have been hit hard by the global recession. Several of the oil-rich Gulf states are in the midst of an economic contraction, with their famed sovereign wealth funds having lost 27 percent of their value in 2008. The Gulf states, along with the European Union, buy most of the non-oil exports of the Middle East and North Africa, so recessions in the importing countries mean depressed trade throughout the region. According to the World Bank, the average growth rate for the middle-income states of Egypt, Jordan, Lebanon, Morocco and Tunisia, which have little or no oil, is projected to fall to 3.9 percent in 2009, far below the levels of the 2001-2008 boom.