Middle East & North Africa Economic Forecast

Economic Snapshot for MENA

September 20, 2022

Economic Growth

Regional growth is set to pick up pace this year. In oil exporting countries, higher OPEC+ quotas on average will boost crude output and higher hydrocarbon prices will bolster public finances. Most oil importing countries are set to grow at softer paces on higher inflation. Risks include food insecurity, extreme weather and sociopolitical instability in several countries.

Inflation Outlook

Regional inflation is seen broadly stable this year. Inflation in Iran, Saudi Arabia and Yemen is set to soften. Most other countries will experience higher inflation, owing to stronger GDP growth and higher food and fuel prices. The resumption of Ukrainian grain exports from July should dampen food price pressures ahead, although extreme weather poses an upside risk.

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