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DUBAI, United Arab Emirates—Middle East economies are gradually recovering as external shocks from the war in Ukraine and global inflation fade, the International Monetary Fund said Thursday, but the escalating war between Israel and the Hamas militant group could dampen the outlook.
The IMF expects economic growth to slow to 2 percent this year in the ME and North Africa, from 5.6 percent last year, as countries keep interest rates higher and contend with rising oil prices and local challenges. Growth is expected to improve to 3.4 percent in 2024. Climate change poses a challenge across the region, as seen in last month’s devastating floods in war-torn Libya.
Egypt secured a $3 billion IMF bailout last year that requires a raft of economic reforms, including a shift to a flexible exchange rate and higher borrowing costs. “Egypt has a promising economy, large in size, with big potential,” he said. “It’s very important to provide the space to the private sector to be in the lead. And this is why redesigning the role of the state to be more an enabler than a competitor is so important.”
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