GDP growth in the Middle East and North Africa region will slow to 3.1 per cent in 2023, from 5.3 per cent a year ago, International Monetary Fund (IMF) Middle East and Central Asia department director Jihad Azour said on Thursday. Growth among MENA oil exporters will slow to 3.1 per cent from 5.7 per cent last year, with the non-hydrocarbon sector activities to be the main driver of growth, he said. Low-income countries in the region will lag, with growth forecast at 1.3 per cent this year as high commodity prices, macroeconomic instability and country-specific fragilities weigh, reports Reuters. "These cuts will lower growth for the GCC region, but will have a positive outcome on fiscal and external positions as higher oil prices offset the impact of lower growth," he said. Growth projections for this year are significantly lower; in January, the IMF revised its forecast downwards on the back of lower expected output to 2.6 per cent.

Source: The North Africa Journal April 15, 2023 15:05 UTC