DUBAI, United Arab Emirates — Most of the
MENA region’s non-oil producing economies are experiencing a “gradual slowdown”, the
International Monetary Fund (IMF) said Monday, while resource-rich states are
benefiting from high fossil fuel prices.
اضافة اعلان
Despite soaring inflation and murky economic
prospects worldwide, the IMF maintained its projection of 5 percent growth for
the region in 2022, dropping to 3.6 percent in 2023.
But the figures, although higher than elsewhere in
the world, don’t reflect the region’s “challenges”, Middle East and Central
Asia Director
Jihad Azour told journalists in Dubai.
The MENA region varies wildly, from low-income
states growing at just 0.8 percent to the wealthy Gulf monarchies that are
running at 6.5 percent economic growth, according to the IMF.
“Almost two-thirds of the non-oil countries in the
region are witnessing a gradual slowdown,” he said, presenting the IMF’s latest
regional report which includes Iran but not Israel.
“(This) is expected because of the repercussions of
the global slowdown and also the impact of monetary policy to address
inflation, and the rise in interest rates.”
“The real issue is
the combination of new vulnerabilities,” Azour said, highlighting inflation
that is projected at 14.2 percent this year and to remain in double digits for
the fourth straight year in 2023.
Even the
Gulf countries will retreat to 3.6 percent
growth next year on lower demand and production, the IMF said.
Underlining the somber global outlook in the next 12–18
months, Azour urged the region’s governments to accelerate reforms and set up
social security safety nets to protect their populations.
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