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Middle East and North Africa poised for economic recovery with 4% growth- IMF

Middle East and North Africa poised for economic recovery with 4% growth- IMF

Posted on October 31, 2024   |  

The International Monetary Fund (IMF) expects the Middle East and North Africa (MENA) region to rebound with 4% growth next year, depending on the end of oil production cuts and the resolution of conflicts.

For 2024, the IMF projects MENA growth at a sluggish 2.1%, lowering earlier estimates due to ongoing geopolitical and economic challenges.

The IMF highlights that risks to the regional outlook, including the Caucasus and Central Asia, remain largely negative.

The IMF calls for quicker implementation of structural reforms in governance and labor markets to boost medium-term growth.

The 2024 growth forecast for MENA decreases by 0.6% from April, mainly due to the continued Israel-Hamas conflict and extended OPEC+ oil cuts.

Oil-exporting countries in the region are expected to handle risks more effectively, benefiting from strong growth in non-oil sectors.

In the Gulf Cooperation Council (GCC) region, non-oil growth outpaces overall growth this year, driven by government-led investments that enhance domestic demand.



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