Countries in the Middle East and North Africa continue to pay a heavy price due to the Arab Spring turmoil the International Monetary Fund said. Countries hardest hit by the unrest will be considerably weaker, Syria's economy is expected to shrink, Tunisia's economy is showing nil growth and Egypt's GDP is expected to grow a quarter of the pace it did last year. High oil prices continue to power the Gulf economies who will begin to feel the impact of slower world demand for petroleum next year, the IMF said. The IMF warned the situation could worsen amid a slowing world economy and ongoing political upheaval in the region. In its World Economic Outlook report, the IMF said the political turmoil has seen risk premiums rise and private financing and tourism decrease. Further intensification of the political upheaval will only serve to exacerbate the economy in the region.
