GCC growth may reach 3pc next year says IMF

MANAMA: Real GDP growth is predicted to reach three per cent in the GCC in 2019 and 2.7pc across the Middle East, North Africa, Afghanistan and Pakistan (Menap) region, according to International Monetary Fund (IMF) Fall 2018 Regional Economic Outlook report.

In the near term, higher oil prices and a slower pace of fiscal consolidation are supporting a positive outlook for most oil exporting countries, reported Emirates news agency WAM, citing the report.

The report, launched by Dubai International Financial Centre, the leading financial hub in the Middle East, Africa, and South Asia region, recommends that Menap countries prioritise growth-enhancing and high-quality investment in infrastructure and human capital, while sustaining well-targeted social spending to promote equity and opportunities for all.

In addition, the report highlights the importance of promoting private sector-led growth by strengthening governance and accountability, improving education, enhancing labour market flexibility in the GCC, and deepening financial markets.

The twice-yearly IMF Regional Economic Outlook report details trends and developments across countries of Menap and the Caucasus and Central Asia.

The report’s sectoral indicators are widely used as a benchmark for future economic projections and set the tone for growth, trade and investment.

Source: http://www.gdnonline.com/Details/431109

 

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