WASHINGTON, October 5, 2016 – Against the backdrop of a slowing global economy, the Middle East and North Africa (MENA) region is expected to grow at an average of 2.3 percent this year, half a percentage point lower than last year, according to the latest issue of the World Bank’s MENA Economic Monitor . Regional growth is expected to improve slightly to 3.1 and 3.5 percent over the next two years, as governments across the region continue to undertake reforms and diversify their economies away from oil. Four of the developing oil exporters—Syria, Iraq, Yemen and Libya—are mired in civil war or violent conflict. “This year appears to be one of the toughest for the region in a while,” says Shanta Devarajan, World Bank Chief Economist of the MENA Region. According to the report, policies that promote job creation not only benefit young people seeking jobs, but may also help thwart the spread of violent extremism and its attendant effects on national and regional economic growth.

Source: The North Africa Journal October 05, 2016 14:48 UTC