The Gulf states, headed by Saudi Arabia, registered an improvement in economy during 2018, director of the Middle East and Central Asia Department of the IMF said in a recent report.
Saudi Arabia has topped the GCC nations in economic improvement following the 2017 recession by about 0.9%, Jihad Azour told CNBC Arabia.
The kingdom’s growth is expected to reach 2.2% in 2018, backed by higher oil prices.
The economy in Dubai and Abu Dhabi has witnessed an improvement due to a growth in both oil and non-oil sectors, Azour added.
Egypt’s economy has improved in the recent period, whether on both cash or economic levels, Azour said, forecasting that the North African country’s economy may grow to above 5%.
He added that Egypt’s inflation has decreased by more than 30% in mid-2017 to 15% in 2018.