Image Credit: BloombergDubai: Economic growth in Middle East’s oil importing countries is projected to remain moderate in 2019, reflecting the weaker external environment as well as domestic factors, according to the latest regional Economic Outlook report of the International Monetary Fund (IMF). According to the IMF, oil importers from the region face a projected cumulative fiscal deficit of $154 billion with a refinancing requirement of $54 billion in 2019-20. Slow growth environment combined with high unemployment and high inflation, according to the IMF are expected create social unrest in some of these countries. “The unrest in countries like Algeria and Sudan is heavily rooted in economic discontent over unemployment, corruption and poor public services. For oil importing countries, unemployment remains stubbornly high at close to 25 per cent among young people,” the IMF report said.

Source: The North Africa Journal April 29, 2019 12:22 UTC