The International Monetary Fund (IMF) forecasts a 0.3% contraction in the region’s economy, primarily due to the closure of the Strait of Hormuz, but projects growth of 6.3% next year.
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World Bank projects a 2.1% contraction in output across the Middle East, North Africa, Afghanistan and Pakistan (MENAAP). The institution says the impact is greater on oil-exporting Gulf countries affected by the closure of the Strait of Hormuz.
OECD projects 2.9% growth for the global economy this year. The organization says countries weathered the energy supply shock from the Middle East conflict better than expected.
IMF says the North African country has responded swiftly to economic challenges posed by regional turmoil.
According to UNCTAD, 61 net importers of energy and cereals are severely affected by disruptions to shipping through the Strait of Hormuz amid the war in the Middle East.
The journalist Lourival Sant’anna gave a lecture at the Arab-Brazilian Chamber of Commerce on domestic and international challenges facing the country in the next few years, following the presidential elections.
Brazil’s economy grew 0.5% from April to June compared with the previous quarter and 2% year on year. Agriculture led growth.
During flash panels at the Brazil & Arab Countries Economic Forum, speakers discussed opportunities in Brazil’s energy sector and the economic outlook for North Africa.
Local and international speakers will take the lectern on August 25 in São Paulo to discuss global economic transformation in an event hosted by the Arab Chamber. Participation is free of charge.
International Monetary Fund (IMF) mission says the country is expected to post double-digit growth this year and continue rebuilding its economy despite ongoing conflicts and challenges.
The International Monetary Fund expects Saudi Arabia’s economy to expand despite the conflict in the Middle East, with oil export revenues supported by higher crude prices.
In an assessment released Thursday (23), the International Monetary Fund said Brazil’s economy has shown remarkable resilience despite a challenging global environment and is expected to grow 2.4% this year.
As the conflict involving the United States, Israel and Iran threatens tanker traffic through the Strait of Hormuz and the Red Sea, oil prices surged on Thursday (23).
The International Monetary Fund says Algeria has made efforts to generate revenue from sectors beyond the economy’s traditional pillars, but the country remains heavily dependent on oil revenues.
