Economic growth in the Middle East and North Africa region is expected to accelerate in 2024 after a slowdown this year but structural challenges will weigh in the medium term, the International Monetary Fund said on Thursday.
Real GDP growth is projected to slow to 2% in 2023, from 5.6% last year on lower oil production among exporters and tighter policy conditions in the region's emerging market and middle income economies, according to the IMF's Regional Economic Outlook.
Jihad Azour, the IMF's director for Middle East and Central Asia, said 2023 was a year of transition, and a mixed one economically, for the region. "The good news is inflation is getting under control, but it is peaking this year, and gradually will go down," Azour told Reuters, cautioning that global headwinds were still impacting the region "when it comes to financing conditions."
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