Economic growth in the Middle East and North Africa (MENA) is expected to rebound in 2018 on the back of positive global outlook and oil prices stabilising at relatively higher levels, according to the World Bank’s recent report entitled “MENA Economic Monitor, April 2018: Economic Transformation”.
The bank also attributed the economic recovery to political stability in the region.
The MENA region is expected to achieve an economic growth of 3.1% over 2018 after it declined sharply to 2% in 2017 from 4.3% in 2016, the World Bank said.
“The increase in growth is broad-based, and almost all countries will experience an uptick this year,” the report stated.
Due to GCC countries’ performance, oil exporters could see growth reach 3% during 2018, double their rate in 2017 and driven by a strong rebound in Egypt.
“Stabilisation policies, reforms, and a surge in foreign receipts are expected to lower fiscal and external imbalances in 2018 and beyond,” the report highlighted.
Moreover, the bank expected the MENA region’s rebound to reach 3.3% in 2019 and 3.2% in 2020.