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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    International Monetary Fund: Slow economic growth in the Middle East

    Rocky
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    • Post n°1

    International Monetary Fund: Slow economic growth in the Middle East Empty International Monetary Fund: Slow economic growth in the Middle East

    Post by Rocky Mon 24 Jul 2017, 3:38 am

    International Monetary Fund: Slow economic growth in the Middle East


    The economic growth in the Middle East and North Africa is slowing down this year, while growth in Saudi Arabia is expected to fall to near zero, the International Monetary Fund (IMF) said Monday.

    After a better-than-expected performance in 2016 with a growth rate of 5 percent, this rate will not exceed 2.6 percent this year in the Middle East and North Africa, as well as Afghanistan and Pakistan.

    Last year's good performance was mainly due to a strong growth of 6.5 percent in Iran thanks to the high level of oil production, according to the fund.

    However, in its review of the outlook for the global economy, the IMF lowered its growth forecast in Saudi Arabia, the world's top crude oil exporter, to just 0.1 percent from 0.3 percent in April.

    It would be the lowest growth in Saudi Arabia since 2009, when the economy contracted by 2 percent on the back of declining oil revenues after the global economic crisis.

    "If the current decline in oil prices continues, it could have a greater impact on the prospects of oil exporters in the region," the IMF warned.

    After an improvement to more than $ 55 a barrel, thanks to a deal to reduce supply between the oil-producing countries of the Organization of Petroleum Exporting Countries (OPEC) and outside, especially between Saudi Arabia and Russia, the price of the barrel returned below the threshold of $ 50.

    At the same time, however, the IMF expects an improvement in regional economic growth rate of 3.3 percent in 2018.

    The figure is expected to rise by 1.1 percent in Saudi Arabia next year, down 0.2 percent from April's forecasts, according to the International Monetary Fund.

    The Saudi economy recorded growth rates of 4.1 percent and 1.7 percent respectively in 2015 and 2016.

    Middle East oil exporters have lost hundreds of billions of dollars since the collapse of oil prices in mid-2014 and the huge surplus in their budgets has turned into a deficit.

    To counter this situation, these countries have been forced to adopt austerity measures and reform their monetary and economic policies, especially through increased prices of fuel and electricity.

    http://economy-news.net/content.php?id=8372
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