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HomeGCCIMF: Mena's GDP growth to slow to 3.1pc in 2023

IMF: Mena’s GDP growth to slow to 3.1pc in 2023

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DUBAI, 14 April – The GDP growth in Middle East and North Africa region will slow to 3.1% in 2023, from 5.3% a year ago,  due to tight policies to restore macroeconomic stability, agreed Opec+ production cuts, and fallout from the recent deterioration in global financial conditions, reported Reuters citing a report by International Monetary Fund (IMF) released today (April 13). 

Growth among Mena oil exporters will slow to 3.1% from 5.7% last year, with the non-hydrocarbon sector activities to be the main driver of growth, stated the report.

Low income countries in the region will lag, with growth forecast at 1.3% this year as high commodity prices, macroeconomic instability and country-specific fragilities weigh, it added

IMF Middle East and Central Asia department director Jihad Azour said several Opec+ member states, led by Saudi Arabia, the world’s top crude exporter, recently announced surprise cuts to oil production starting in May, driving up global prices and price expectations.

Among Mena oil exporters, the growth will slow to 3.1% from 5.7% in 2022, with the non-hydrocarbon sector likely to be the main driver of growth, Azour told a news briefing.

Inflation will remain unchanged in 2023 at 15% in the region before declining next year, he added. — TradeArabia

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