Wednesday 08, April 2009 by
Money-go-round slowdown to hit North African economies
In 2008, total gross remittance inflows for Egypt, Lebanon, Jordan, Tunisia, and Morocco combined topped $27 billion, three times the level received at the turn of the millennium. In a new report titled "Middle East And North African Countries May Feel The Pinch Of Falling Remittances In Global Downturn," Standard & Poor's Ratings Services discusses its assessment of the possible negative effects on the current account balances of the Middle East and North Africa (MENA) countries listed above from a number of assumed stress scenarios to remittance inflows.
