9/9/2016. Economic Forecasts from the World’s Leaging Economists
Source FOCUS ECONOMICS
Economic Forecasts from the World’s Leaging Economists
Economic Snapshot for the Middle East & North Africa
September 7, 2016
All eyes on a potential oil cap deal at September’s meeting
A comprehensive dataset showed that growth in the Middle East and North Africa (MENA) fared worse at the outset of the year than initially expected. Despite rising, oil prices remained at low levels, which prompted some countries to remove subsidies and cut public expenditure, hitting growth in Q1. Moreover, economic dynamics were negatively affected by tepid global demand and challenging domestic conditions. GDP for the region expanded 1.8% annually in Q1 (Q4: +2.1% year-on-year), which was below the 2.0% increase reported in the previous month. However, some tentative signs of improvement have since emerged.