Oil price rebound widens Middle East economic fault lines -IIF | Reuters
Rebounding oil prices are widening economic gaps between oil exporters and importers in the Middle East and North Africa, the Institute of International Finance (IIF) said.
The region is set for growth of 2.3% this year and 4.3% in 2022 after a consolidated 3.8% gross domestic product contraction last year, the IIF, a trade body for the global financial industry, said in a report.
“While the economic recovery continues to gain momentum, a split in macroeconomic prospects has emerged within the region ... the divergence in economic performance between oil-exporting and oil-importing countries has widened further,” it said.
Oil-producing countries are set for current account surpluses of $165 billion this year and $138 billion next year after a current account deficit of $6 billion last year based on oil price forecasts of $71 per barrel this year and $66 next year, the IIF said.
No comments:
Post a Comment