São Paulo – The World Economic Outlook update issued this Tuesday (30) by the International Monetary Fund (IMF) projects the Gross Domestic Product (GDP) of Middle Eastern and Central Asian countries will grow 2.9% this year over 2023. The release is an update of the October 2023 outlook, which predicted a 3.4% expansion. For 2025, the fund’s projection now sits at 4.2%, up from the 3.9% estimated three months ago. Pictured above, an oil plant in Saudi Arabia.
According to the document, the revisions were made mainly due to the performance of Saudi Arabia, one of the region’s leading economies. These projections “temporarily” reflect the lower oil output in 2024 due to production cuts agreed with the Organization of Petroleum Exporting Countries and its allies (OPEC+), which includes Russia and other countries.
Concerning Brazil, projections indicate a 1.7% GDP expansion for this year, an increase over October estimates (1.5%). The fund’s forecast for 2025 remained unchanged at 1.9%.
The IMF also estimated global growth will be 3.1% this year and 3.2% next year, with an increase in 2024 projections due to a “greater-than-expected” resilience of the United States economy and several developing countries and “fiscal support” in China. The entity also said fears of a “hard landing” in the global economy have receded. Inflation rates are slowing down, and growth rates remain at a consistent pace. However, geopolitical shocks could lead to spikes in commodity prices, and prolonged high inflation could tighten monetary conditions.
Translated by Elúsio Brasileiro
