MENA Growth projected to reach 2.6%-3.3% in 2017-2018: IMF

CAIRO – 23 July 2017: Growth in the Middle East and North Africa (MENA) is projected to reach 2.6 percent in 2017 and 3.3 percent in 2018, slowing considerably in 2017, International Monetary Fund (IMF) said.

In its World Economic Outlook for July 2017, the IMF added that this slowdown will be reflecting a downshift in activity in oil exporters, before recovering in 2018, noting that if recent decline in oil prices was sustained, the outlook could be affected for the region’s oil exporters.

The IMF highlighted that the forecast for the fiscal year 2017/18 is unchanged from that released in April 2017; however, growth outcome in 2016 is estimated to have been considerably stronger.

Global output is expected to grow by 3.5 percent in 2017 and 3.6 percent in 2018, IMF said, adding that "While risks around the global growth forecast appear broadly balanced in the near term, they remain skewed to the downside over the medium term."