The IMF revised down economic growth forecasts for the Middle East and North Africa due to ongoing conflicts, extended OPEC oil production cuts, and high uncertainty.
Economic growth in the Middle East and North Africa is expected to remain sluggish at 2.1% this year, amid ongoing conflicts and prolonged
oil production cuts, the International Monetary Fund IMF said on Thursday, slashing its GDP growth view by 0.6 percentage point compared to an April forecast. High uncertainty over economic growth in the MENA region in the near and medium term persists, with key risks including escalating conflicts, increased geo-economic fragmentation, and commodity price volatility, the IMF said in its latest regional report on the Middle East and Central Asia.
reversing its oil production cuts and easing headwinds for economies in the region, including those from conflicts, the IMF noted. “MENA oil exporters have navigated the global landscape well, but the twin surpluses that helped cushion recent shocks have started to narrow amid ambitious investment strategies and falling oil revenues,” the fund’s analysts wrote. Among the region’s oil exporters, economic growth is forecast to strengthen to 2.3% this year, up from 1.
currently plans to begin reversing the oil production cuts in December and have these reversed in full by September 2025. However, weaker oil demand and lower oil prices have raised questions about whether the alliance would go through with this plan. By Tsvetana Paraskova for Oilprice.com
IMF Economic Growth OPEC+ Oil Production Cuts Conflicts Geo-Economic Fragmentation Commodity Prices Oil Exporters Non-Oil Sector
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Middle East Conflict Won't Impact Oil Supply, Says Gunvor ChairmanTorbjorn Tornqvist, co-founder and chairman of independent oil trader Gunvor, stated that the ongoing conflict in the Middle East will not affect global oil supply. He emphasized that the market is more concerned about slowing oil demand growth.
Read more »
Starmer calls for Middle East ceasefire after call with Netanyahu - as Israel vows retaliation for Iran...Prime Minister Sir Keir Starmer has called for a ceasefire in the Middle East after a call with Israeli PM Benjamin Netanyahu - as the IDF vows retaliation for Iran's ballistic missile attack.
Read more »
Starmer warns Middle East 'on the brink' after Iran's missile attack on IsraelSir Keir Starmer has warned that the Middle East is 'on the brink' following Iran's missile attack on Israel. The Labour leader condemned the Iranian regime's actions and called for a ceasefire.
Read more »
Keir Starmer is 'deeply concerned' the Middle East is 'on the brink'The Prime Minister repeated his advice to British nationals in Lebanon to leave immediately, with the situation becoming 'increasingly grave'.
Read more »
Keir Starmer is 'deeply concerned' the Middle East is 'on the brink'The Prime Minister repeated his advice to British nationals in Lebanon to leave immediately, with the situation becoming 'increasingly grave'.
Read more »
Oil Prices Climb on Expectations of Further Escalation in the Middle EastIran's missile attack on Israel and the promise of retaliation have pushed oil prices higher due to fears of a wider war in the Middle East.
Read more »