The region includes approximately 19 countries, according to world atlas. Regional economic outlook middle east and central asia. Since the turn of the century, oil has shaped the economic development of the region to an astonishing degree. Economic challenges in the mena region the past several years have been particularly challenging for most economies in the mena region. The economy remains resilient despite global economic headwinds.
The twoday uae economic outlook 2015 forum concluded on wednesday with a call for a clear shift to knowledgebased economic activity to address the emerging challenges. Imf would like to invite you to the launch of the imf regional economic outlook for the middle east and north africa report. A quarterly economic bulletin on the middle east that builds on a range of publications we publish on the global economy and various countries and regions. Posttax energy subsidies in selected mena countries, 2015. Mena regional economic outlook update imf report launch. Growth spillovers to developing mena editorial express. Mena economies suffer from two central afflictions poor. Consumers downloading or streaming music in mena 202015. The economic outlook for the middle east and north africa mena region in 2015 is slightly more favorable than in 2014, when the region as a whole grew at 3 percent a year. Menas forced displacement crisis english the world bank. Growth impact of lower oil prices in mena and cca countries. Middle east and central asia economic outlook imf data. Mena is an acronym for the middle east and north africa mena region.
The revisions reflect a reassessment of prospects in china, russia, the euro area, and japan as well as weaker activity in some major oil exporters because of the sharp drop in oil prices. This year, inflation is seen rising slightly as price pressures recover in gcc countries, although weak economic momentum and low oil prices will cap the increase. The report was written by rabah arezki regional chief. Gcc governments are keenly aware of how austerity economics has dampened economic activity in the post2015 period, and will not be willing to repeat that experience.
The mena economic update is a product of the chief economist office of the middle east and north africa region mnace of the world bank. Chris jarvis visited beirut from december 6 to, 2017 to take stock of recent economic and financial developments in lebanon. You can copy, download or print the content of this publication for your own use, and. Although the economic outlook for this region is expected to improve, internal stability in mena countries will continue to face various challenges due to surprising developments. Official sources nbk estimates and forecasts 1 includes condensate output in oman and estimates for bahrain 2 includes nbk estimates of off. Gdp growth in the region to remain flat at between 3. The african economic outlook 2015 is the 14th edition of this annual report.
Mena oecd competitiveness programme the mena oecd competitiveness programme the mena oecd competitiveness programme is a strategic partnership between mena and oecd. The political economy of middle east and north africa oil. Middle east and north africa economic monitor october 2015. Growth in the middle east and north africa is forecasted to average 4. Economic outlook the middle east investment initiative. According to an estimate by focuseconomics, the mena economy expanded an. The mena region itself was registering relatively dynamic economic growth. The mena economic monitor supplements the world banks biannual. Inflation in the middle east and north africa fell from 5.
Middle east and north africa economic monitor, april 2015. Economic growth in the middle east and north africa mena region is. The pace of economic growth would vary across the countries. Middle east and north africa economic monitor, october 2015. The dubai international financial centre difc and the international monetary fund imf invite you to the launch of the imf regional economic outlook for the middle east and north africa report. Opecs agreement in september 2016 to cut production will hopefully lead to. Voluntary cuts to oil production are responsible for this downward revision from 1. The mena oecd economic resilience task force promotes private sector development as a way to build economic resilience in the region and provides a forum for regional dialogue on economic resilience building. Published every year based on objective data and dispassionate analysis, the world energy outlook weo provides critical analysis and insights on trends in energy demand and supply. The impact of the global energy transition on mena oil and. Ifc mena supports the regions private sector by helping create jobs and drive sustainable and inclusive growth through a combination of investments and advisory services. Mena economic monitor april 2017 mena economic monitor main messages overview plagued by war, violence and low oil prices, economic activity in the middle east and north africa. Middle east and north africa economic monitor april 2015. Continued low oil prices, the escalation of conflicts, and civil wars make the shortterm prospects for a growth recovery slim.
Mena economic outlook uncertain as oil loses its lustre. World economic forum on the middle east and north africa. Middle east and north africa economic monitor, october. African economic outlook 2015 african development bank. Bruegel based on international monetary fund, world economic outlook. Read our latest regional sum slideshare uses cookies to. This statistic shows gross domestic product gdp of the mena. The outlook for growth in mena has been lowered to 0. Economic growth supported by expansive government investment spending. The imf also cut its forecast for mena growth to a meagre 0. Regional growth withstands mounting geopolitical risks in q3. Forbes takes privacy seriously and is committed to transparency. Pdf comparative political and economic perspectives on.
Fifteen million people have fled their homes, many to fragile or economically strapped countries such as. The latest mena quarterly economic brief estimates growth in the middle east and north africa mena region to fall short of expectation at 2. The mena economic update previously known as mena economic monitor supplements the world bank s biannual mena quarterly economic brief and presents the short term, macroeconomic outlook. The attacks on saudi oil facilities took place as this report was going to press we continue to monitor the situation and any wider implications closely. Outlook is a comprehensive online source of global analysis for consumer and advertising spend in entertainment and media. How do the middle east and north africa mena economies perform after the. Structural reforms needed to underpin the favorable macro outlook. Mena downloading and streaming music 2015 statista. Imf world economic outlook weo update, january 2015. Growth rate of the real gross domestic product gdp from. Turning the corner growth across the middle east and north africa has slowed further this year, but it should recover in 2018 and 2019.
Comparative political and economic perspectives on the mena region takes a critical approach to analyzing the socioeconomic development of the mena region and the role of politics and various. The middle east and north africa mena is the region of superlatives. Uae economic outlook 2015 forum concludes news khaleej. Abstract the economic outlook for the middle east and north africa mena region in 2015 is slightly more favorable than in 2014, when the region as a whole grew at 3 percent a year. The world bank estimates regional gdp growth to stay at around 2. Middle east and central asia reo is prepared annually by the imfs middle east and central asia department mcd. You can copy, download or print oecd content for your own use, and you can include. Menas regional growth is expected to recover this year, following a poor performance in 2019, due to a much smaller contraction in iran and an expected recovery in oil output. Mena, the world economic forum conducted a special.
Creating a regional framework for prosperity and peace through publicprivate cooperation 3 preface miroslav dusek. The challenge of youth and the imperative of pragmatism. Mena regional economic outlook, 2010 sustaining the recovery in times of uncertainty elena ianchovichina lead economist, mena region world bank october, 2010. The impact on growth in the middle east, north africa, afghanistan, and pakistan menap region from global headwinds remains muted thus. The outlook on the global agenda 2015 features an analysis of the top 10 trends which will preoccupy our experts for the next 1218 months as well as the key challenges facing the worlds regions, an. In 2015, the total number of people living in the mena countries is 493 million. Download the difc connect mobile app for ios and android devices. A new economy in middle east and north africa middle east and north africa economic monitor. Against this backdrop of a slowing global economy, the mena region is stagnating. Inequality, uprisings, and conflict in the arab world ianchovichina, elena.
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