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The International Monetary Fund (IMF) forecasts that the Middle East and North Africa (Mena) region will experience a growth rebound of 4 per cent in 2025, contingent on the phasing out of oil production cuts and the easing of geopolitical tensions.
However, the IMF’s latest Regional Economic Outlook, released in Dubai, indicates a more subdued growth rate of 2.1pc for 2024, a downward revision from previous projections due to ongoing geopolitical conflicts and macroeconomic challenges.
Jihad Azour, the IMF’s director for the Middle East and Central Asia department, emphasised that risks to the regional outlook remain tilted to the downside.
He called for accelerated structural reforms in governance and labour markets to bolster medium-term growth prospects.
While inflation is gradually moderating across the region and is expected to average around 3pc in 2024, with exceptions in Egypt, Iran, and Sudan, the outlook varies significantly among countries.
Oil-exporting nations are anticipated to weather potential risks better due to strong non-oil sector growth, particularly in the GCC countries.
The IMF has approved $13.4 billion in new funding for Mena and Central Asia countries since January 2024.
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