Middle Eastern economies are growing stronger despite a global economic slowdown, thanks in large part to surging oil prices that are helping boost exports, the International Monetary Fund said Wednesday according to DPA. The Middle East is forecast to grow an average of 6.1 per cent in both 2008 and 2009, up from 5.8 per cent in the previous two years, according to the IMF's semi-annual World Economic Outlook report. Crude oil prices passed 112 dollars per barrel in New York trading on Wednesday. The Middle East's 10 oil exporters will grow a combined 6 per cent in 2008, up from 5.6 per cent a year earlier, the IMF said. But the IMF warned that higher food prices, rents due to housing shortages, and strong domestic demand have all considerably boosted inflationary pressures in the last few months. Consumer prices were forecast to rise 11.5 per cent across the region over 2008.
