Economy

Although a number of Egypt’s other major revenue earners may have suffered following the ouster of former President Mubarak, foreign remittance inflows have weathered the instability fairly well, totalling roughly $14.3bn in 2011, according to the central bank.

Small and medium-sized enterprises (SMEs) in Oman are gaining increased support from public and private organisations alike, with a number of public officials having expressed enthusiasm for the further development of the sector.

Papua New Guinea’s recent surge in natural resource projects has had a spin-off effect on other sectors, thus giving the country a positive near-term outlook for its economy, which is expected to see GDP growth reach 8% this year. However, the government has been advised to tighten its management of revenues from mining and natural gas projects, as well as curtail spending to ensure expansion remains stable moving forward.

Clocking the world’s highest growth rate in 2011, Qatar is maintaining expansion despite a difficult international economic climate clouded by the eurozone crisis and doubts over the sustainability of US debt. Indeed, the country saw GDP growth of 14% in inflation-adjusted terms last year, with energy exports its leading economic driver.

The economy is expected to post modest but steady growth in 2012, though to what degree GDP will expand is partly dependent on three key issues: the country’s credit rating, how quickly the government can begin rolling out its high-profile infrastructure programme and how South Africa’s major export markets fare over the next 12 months.