Economy

Indonesia’s newly published economic master plan sets out ambitious targets to become one of the world’s biggest economies over the next 15 years. The plan unveiled by President Susilo Bambang Yudhoyono (SBY) also put the spotlight on the need for heavy investments in infrastructure coupled with improvement in the investment climate.

The Gulf Cooperation Council’s (GCC) warm reception of Jordan’s membership application to join the wealthy six-member bloc could have a positive impact on the kingdom’s economy.

Iraq and Kuwait appear to be laying the foundations to rekindle economic relations, with businesspeople and political leaders from both countries recently meeting to discuss opportunities for bilateral trade and investment.

To help offset a rising budget deficit – amid falling foreign investment resulting from recent political upheaval – Egypt is looking for international funding. The economic effects of events of early 2011, though predictable, have prompted some short-term concerns over public financing.

Following a strong year in 2010, Malaysia’s manufacturing sector looks set for a repeat performance in 2011 in its effort to draw in foreign investment. The Malaysian Investment Development Authority (MIDA) is setting a target of bringing in RM55bn ($18.22bn) in new investment for the year.

Jordan has begun ramping up efforts to increase foreign investment into the kingdom and is looking farther afield than usual to do it. With the IMF revising down its economic growth projection for the Middle East and North Africa (MENA) region from 4.6% in January to 4.1% on April 11, Jordan has held meetings with business leaders from the US, Russia, China and even Azerbaijan in the last month to encourage investment. The IMF also predicted that Jordan’s economic growth this year would be 3.3%, down from its October 2010 estimate of 4.2%.