The MENA region is a major contributor to the world's economy, as it produces more than 30 percent of the world's oil supply. GDP of the region, in nominal terms grew by 12 percent during 2010 to reach $2.0 trillion. The population of the region grew by 2.3 percent to reach 346 million.

Global Research has divided the MENA into three sub-regions — GCC (which is mainly driven by its hydrocarbon sector), Levant & Iraq (which is driven by its services and tourism sector) and North Africa (which is primarily driven by internal demand, tourism, and trade).

All countries of the GCC are expecting to post growth in terms of real GDP for 2010. The average growth of the region is expected to be 4.5 percent reaching $567 billion, with Qatar leading the way at 16.0 percent. Based on IMF projections, the region is forecasted to post even stronger growth in 2011. The real GDP growth for the GCC in 2011 is projected to reach 5.9 percent, with Qatar leading the way yet again at 20.0 percent. The average barrel price of WTI for 2010 was $79.5, and the consensus forecast for 2011 is $87.0. Since the GCC is a predominately oil-driven region, we expect hydrocarbon revenues to witness strong growth during 2011 due to high oil prices.

Levant & Iraq region is expected to post a positive GDP growth in 2010 and is forecasted to do so strongly in 2011. Real GDP growth of the region is expected to grow 4.1 percent in 2010 and expected to grow 5.8 percent in 2011. The growth is attributed to the region opening up its economy for more foreign investments as witnessed in Iraq issuing several oil and gas licenses to develop several field areas, Syria welcoming investments in its infrastructure and hydrocarbon sector and Lebanon witnessing an improvement in its sovereign ratings. Overall, growth and prosperity is expected in the Levant & Iraq region as countries pursue larger budgets, new tax and privatization laws, low barriers for FDI, and a stronger consumer demand driven by the 69 million population living in the region.