The Mena region’s “economic outlook is subject to substantial downside risks, most notably intensified global economic headwinds and rising geopolitical tensions", World Bank chief economist Rabah Arezki wrote in the lender's outlook report. Next week Washington will host the annual IMF World Bank meetings. Growth in the Mena region is forecast to rise to 2.6 per cent in 2020 and 2.9 per cent in 2021, the World Bank said. The World Bank echoed the views of the International Energy Agency on tapering demand for oil globally, which would put downward pressure on oil prices. Looking ahead, the World Bank called for the promotion by Mena countries of fair competition, which it said was key for them to complete the transition from administered to market economies.

Source: The North Africa Journal October 09, 2019 21:01 UTC