IMF expects strong growth in Saudi Arabia and UAE

13 October, 15:19

    NAPLES - The International Monetary Fund (IMF) expects to see strong growth in oil-exporting countries but has warned that this expansion could be slowed both in developing and developed countries due to rising inflation and slow progression of the vaccination of populations in nations that are weaker economically.
    The UAE-based Gulf News reported Tuesday that: "For the Middle East and North Africa region, in which world's leading oil exporters are located, the fund has forecast an overall real GDP growth of 4.1 per cent for both 2021 and 2022." "Analysts expect with the surge in oil prices, the public finances of oil exporters will continue to improve along with their current account balances, fiscal balances and net public foreign assets," the daily added, noting that foreign investment would continue to arrive in Saudi Arabia and the UAE.
    The IMF forecast for the current year, it said, "shows the price rises across the GCC is gradual and modest. In the UAE, inflation is forecast at 2 per cent this year and 2.2 per cent in 2022. For the GCC as a whole, the inflation forecast for 2021 is in the range of 1.5-2 per cent and 2-3 per cent in 2022."

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