Recent developments: Growth in the Middle East and North Africa region is estimated to have slowed to 2.7% in 2016, reflecting fiscal consolidation in some countries and oil production constraints in others. Growth slowed sharply in the Gulf Cooperation Council countries to 1.6% as oil sector weakness spread to non-oil sectors. Outlook: Growth in the region is forecast to recover to a 3.1% pace this year, with oil importers registering the strongest gains. Among oil exporters, Saudi Arabia is forecast to accelerate to a 1.6% growth rate in 2017, still modest by historical standards. Algeria should slow to a 2.9% pace on a decline in spending on public works and delays in tax and subsidy reforms.

Source: The North Africa Journal January 14, 2017 23:35 UTC