Higher oil prices help Mideast return to growth – The Peninsula Qatar

Higher oil prices help Mideast return to growth – The Peninsula Qatar

Doha: On the back of higher oil prices and a stronger global economic environment, the Middle East returned to growth in 2021, with a number of governments taking the opportunity to implement long-term plans aimed at diversification and modernisation.

Following a year in which economies in the Middle East contracted due to the fallout of COVID-19, the region experienced a positive economic rebound in 2021, with the IMF predicting in October that the region as a whole would expand by 2.7 percent.