IMF forecasts slower Middle East, North Africa growth in 2023 | Reuters
GDP growth in the Middle East and North Africa region will slow to 3.1% in 2023, from 5.3% a year ago, International Monetary Fund (IMF) Middle East and Central Asia department director Jihad Azour said on Thursday.
"Growth is projected to slow this year due to tight policies to restore macroeconomic stability, agreed OPEC+ production cuts, and the fallout from the recent deterioration in global financial conditions," Azour told a press briefing.
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, he said.
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.
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.
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