Middle East & North Africa Economic Forecast

Economic Snapshot for MENA

January 11, 2022

MENA GDP forecast to accelerate in 2022

Regional GDP growth is seen accelerating this year, as the vaccine rollout, looser restrictions and pent-up demand support investment and household spending. Moreover, oil production is projected to increase robustly in 2022 as OPEC+ further reduces production cuts. Nevertheless, tense political relations in the region and volatile oil prices are risks to the outlook.

Inflation to ease this year

Regional inflation eased to 15.3% in November from 15.4% in October, due to weaker price pressures in Egypt and Iran. This year, inflation should moderate from last year’s pickup as some supply chain disruptions ease. Moreover, lower price pressures caused by currency depreciation in Iran and Lebanon will likely also bring down regional price growth.

 
 

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