The impact of the global financial crisis for
the developing economies of the Middle
East and North Africa region varied across oil
exporters and importers of the region.13 Initially,
the decline in regional equity markets was
sharper than the average for emerging markets
(figure A17). Since then, recovery in these markets
has been hesitant owing to the unfolding of
the Dubai World debt problems in the United
Arab Emirates as well as concerns regarding
growth prospects for the broader region.
