Baku, Azerbaijan, Oct.7
By Leman Zeynalova - Trend:
Against the backdrop of a slowing global economy, the Middle East and North Africa (MENA) region is expected to grow at an average of 2.3 percent this year, half a percentage point lower than last year, according to the latest issue of the World Bank’s MENA Economic Monitor.
Low oil prices, which are expected to be in the $50-60 a barrel range through the end of the decade, have dampened growth among the region’s oil exporters, especially the Gulf countries, which are forecasted to grow at only 1.6 percent in 2016, according to the WB.
Regional growth is expected to improve slightly to 3.1 and 3.5 percent over the next two years, as governments across the region continue to undertake reforms and diversify their economies away from oil, the report said.
“This year appears to be one of the toughest for the region in a while,” says Shanta Devarajan, World Bank Chief Economist of the MENA Region.
“Whereas previously we used to speak of two groups of countries in the region, each growing at different speeds, we are now seeing all countries growing at more or less the same, slow pace, albeit for different reasons.”
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