Regional Economic Outlook, Middle East and Central Asia, October 2024: Navigating the Evolving Geoeconomic Landscape

The global economic landscape faces significant challenges. In the Middle East and North Africa and Caucasus and Central Asia regions, economies are facing shifting trade patterns while dealing with shocks from conflicts and climate change.

Publication date: October 2024

ISBN: 9798400292415

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Topics covered in this book

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Exports and Imports , Finance , Inflation , Labor , Middle East , North Africa , Caucasus , Central Asia , Gaza , Sudan , Lebanon , trade patterns , economic growth , reforms , growth prospects , shocks , conflicts , uncertainty , economic performance , growth prospects , risks , oil production cuts , OPEC+ , investment , geoeconomic fragmentation , IMF , governance , medium-term , capital deepening , women , youth , employment , commodity price volatility , private sector , financial development , CCA region , CCA economy , CCA country , IMF staff calculation , oil exporter , Total factor productivity , Financial sector development , Oil exports , Inflation , Labor force participation , East Africa , Central Asia and the Caucasus , Global

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Summary

Economic growth in the Middle East and North Africa and Caucasus and Central Asia regions is projected to strengthen in the near term, but only to the extent that current challenges abate. Ongoing conflicts and oil production cuts are dampening economic performance, and medium-term growth prospects have weakened over the past two decades. Moreover, high uncertainty looms, with key risks including escalating conflicts, increased geoeconomic fragmentation, and commodity price volatility. To boost growth and create jobs—especially for women and youth—reform priorities include strengthening governance, encouraging private sector investment, and advancing financial development.