Oil-exporting countries in Mena to register stronger growth in 2022, Fitch says – The National

Oil-exporting countries in Mena to register stronger growth in 2022, Fitch says – The National

Oil-exporting countries in the Middle East and North Africa region are expected to register stronger growth next year, driven by accelerated vaccination programmes, higher oil prices and Opec+'s policy to gradually increase production in line with improved demand.

The UAE’s economy is projected to grow 5.8 per cent next year, while Saudi Arabia, the largest economy in the Arab world, will grow 7.4 per cent, according to a new report from Fitch Ratings. Iraq, Opec’s second-largest producer, will grow 8.1 per cent and Kuwait by 7.9 per cent.

“Headline fiscal balances will eke out further improvements across most of the GCC and Iraq in 2022 as oil prices remain strong, with Brent crude averaging $70 a barrel and oil production increases broadly in line with the Opec+ agreement,” Fitch Ratings said in a new report.