Middle East growth to speed up in second half on higher oil prices and vaccine rollouts

  • Date: 25-Mar-2021
  • Source: The National
  • Sector:Economy
  • Country:Middle East
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Middle East growth to speed up in second half on higher oil prices and vaccine rollouts

Economic growth in the Middle East is expected to speed up in the second half of 2021 as oil prices edge higher and countries roll out vaccines to control the spread of the coronavirus pandemic, a new report said.

The economies in the region will grow at 2.5 per cent in 2021, similar to the 2.6 per cent average growth rate recorded between 2010 and 2019, following a 5.2 per cent contraction last year, the report, commissioned by the Institute of Chartered Accountants in England and Wales (ICAEW), said.

Growth in the GCC is expected to rebound to 1.6 per cent this year, after