IMF Regional Economic Outlook projects 3.1 per cent GDP growth in the MENA region

IMF Regional Economic Outlook projects 3.1 per cent GDP growth in the MENA region

- Growth is projected to slow to 3.1 per cent in 2023 due to tight policies to safeguard macroeconomic stability and agreed OPEC+ oil production cuts.

- For oil exporters, non-oil GDP is expected to expand at 3.7 per cent as the positive momentum in retail and service sectors is sustained.

- Restoring price stability and preserving debt sustainability are key policy priorities.

- The 2023 World Bank-IMF Annual Meetings in Marrakech will provide a platform for wide-ranging policy discussions on challenges facing the region and the world.

Dubai, UAE: The International Monetary Fund (IMF) today hosted a hybrid event to launch the May 2023 Regional Economic Outlook (REO) for the Middle East and Central Asia region at the Dubai International Financial Centre.

The IMF finds that despite global shocks, growth in the Middle East and North Africa (MENA) region was higher than expected last year. The IMF estimates that real GDP grew by 5.3 per cent, reflecting strong domestic demand and a rebound in oil production. However, growth is projected to slow to 3.1 per cent in 2023 due to tight policies to restore macroeconomic stability, agreed OPEC+ oil production cuts, and the fallout from the recent deterioration in global financial conditions.

For oil exporters,