Economy

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As 2012 gets underway, Saudi Arabia can look back on 2011 as a year of solid growth, as well as anticipate a further 12 months of expansion and development, building on an already impressive economic platform as the state seeks to guarantee future growth through investments in infrastructure and human resources.
The New Year sees a very different Egypt from the one that welcomed the opening of 2011, being in the process of instituting multi-party democracy, while trying to reshape the national economy. However, many hurdles still have to be overcome to ensure social, economic and political stability.
Emphasising the government’s fiscal prudence, Nigerian President Goodluck Jonathan presented the 2012 federal budget to the National Assembly in mid-December, noting that although spending is expected to rise, the deficit is projected to fall.
For Dubai, 2011 was a year of consolidation, with solid growth for many key economic sectors, the debt load of some of the emirate’s leading corporations sharply reduced and confidence growing apace, though concerns linger over how renewed economic slowdown elsewhere will impact the emirate.
Brunei Darussalam’s economy closed out 2011 in good health, with GDP rising, inflation under control and plans to build on existing strengths and develop new opportunities. However, concerns remain over the slowing global economic growth and how this may impact the country.
Having posted mixed results in 2011, South Africa’s economy was buoyed by rising demand for commodities and solid growth at home, while continued high unemployment, concerns over the European debt crisis and a slowdown in many of the country’s main trading markets saw a pessimistic close to the year.

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