The IMF revises its 2024 growth forecast for the Middle East and North Africa (MENA) region to 2.7 percent from 3.4 percent in its October regional outlook.
The IMF revises its 2024 growth forecast for the Middle East and North Africa region to 2.7 percent from 3.4 percent in its October regional outlook.The downward revision was driven by conflicts in Sudan, the occupied West Bank and Gaza, as well as oil production cuts by Gulf countries weighing on activity. / Photo: Reuters Archive
The downward revision was driven by conflicts in Sudan, the occupied West Bank and Gaza, as well as oil production cuts by Gulf countries weighing on activity. Within MENA, oil exporters are seen faring better, with the IMF projecting 2.9 percent growth this year, up 1 percentage point from last year.
A meeting of top OPEC+ ministers earlier this month kept oil supply policy unchanged. The bloc groups the de facto Saudi-led Organization of the Petroleum Exporting Countries and allies led by Russia.
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