articlePolitical uncertainty and volatile oil prices are weighing heavily on economic growth in the Middle East this year, according to a new report released Monday by the International Monetary Fund. More specifically, Saudi Arabia's economic growth is expected to slow down from 2.2% in 2018 to 1.8% this year. Oil prices climbed above $80 a barrel in October, then fell below $50 a barrel in January. The organization says swings in oil prices are being impacted by global trade tensions, U.S. sanctions on Iranian oil exports and oil production cuts by OPEC and other oil producing nations. For oil importing countries, unemployment remains stubbornly high at close to 25% among young people, the IMF said.

Source: The North Africa Journal April 29, 2019 05:45 UTC