The International Monetary Fund (IMF) forecast that real GDP for the Middle East and North Africa region grew by 3.1% in 2023, rising to 3.4% in 2024, while real non-oil GDP growth in the Middle East and North Africa region is expected to grow by 3.6% in 2023 and 3.7% in 2024.
The International Monetary Fund (IMF) said that oil exporting economies in the Middle East and North Africa region are expected to grow by 3.1% in 2023 and 3% in 2024, with non-oil growth at 3.7% in 2023 and 3.5% in 2024.
This is due to continued positive momentum in the retail and services sectors of the UAE, Kuwait and Saudi Arabia due to abundant liquidity and accelerated private investment.
The IMF forecast annual GDP growth of 2.9% in 2023 to 3.3% in 2024.
The GCC’s real GDP is expected to grow by 4.2% in 2023 and 3.9% in 2024.
The International Monetary Fund (IMF) projected that the current account balance in the GCC will be 8.6% in the current year and 6.5% in the coming year, while inflation rates are expected to fall to 2.9% in 2023 and 2.3% in 2024.
He revealed that growth in the Middle East and North Africa region estimated at 5.3% for 2022 was higher than the Fund’s forecast despite a series of unexpected global events reflecting strong domestic demand amid a recovery in oil production.
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