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Potential Effects Of The World Economic Crisis On The MENA's Foreign Trade And Regional Economic Integration

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Executive Summary

According to the annual Review of Development in Globalization and Regional Integration in the Arab Countries prepared by ESAW in 2008, the current international financial crisis will increase regional economic Integration between MENA countries at the expense of their integration in the world economy. Due to the decreasing global financial liquidity and diminishing economic growth in the major world markets, MENA nonoil exports dropped drastically in 2009, especially exports to strongly affected areas such as the European Union (EU) and the USA. At the same time, capital flows and workers' remittances from these areas to MENA countries have also decreased.

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