The Arab country’s GDP may slow down in 2024, the same as it did in 2023, but an expected reversal of oil production cuts paves the way for 2.8% growth next year, the IMF said.
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The Arab country’s GDP grew specially because non-oil activities. The manufacturing sector performed well, as did the financial and insurance sectors, professional, scientific and technical activities, transportation and storage, and information and communication.
Last year, the Saudi economy was boosted by private consumption and non-oil investment. According to the IMF, the country is making progress in its diversification efforts. Non-oil GDP is expected to grow by 3.5% in 2024.
Brazilian economy grew 3.3% year on year in the second quarter and 1.4% compared to the first quarter. Services and industry sectors led growth in both comparisons.
After a visit to the country and discussions with Kuwaiti authorities, the International Monetary Fund says the economy is projected to contract by 1.4% in 2024.
The International Monetary Fund (IMF) said that notwithstanding the pickup in growth, continued efforts to address water scarcity and enhance governance are essential to bolster Morocco’s growth.
GDP registered an annual 2.8% decrease thanks to a drop in oil activities.
This Monday (3), the Brazilian Central Bank released the financial market’s new growth estimate for the country’s GDP, 2.19% for 2023. Last week’s projection was at 2.18%.
MENA economies are expected to grow by 2.2% this year, the World Bank said. The institution forecasted the highest growths for Djibouti, Egypt and Qatar but a slowdown for Syria, Iraq, Lebanon and Yemen.
Brazil’s GDP grew over the previous quarter in the first three months of this year, driven by increased soybean production.
The country’s economy grew last year compared to 2021, mainly driven by services and industry. Agriculture was down.
According to a study released by ApexBrasil, Qatar’s real Gross Domestic Product could grow 4.3% from last year. Rising hydrocarbon prices and the World Cup are expected to drive economic activity.
After a mission to the country, International Monetary Fund staff assessed the Lebanese economic situation and pointed out actions that could bring an upturn.
Economic growth prospects could bring opportunities to Egypt, said the Market Analysis coordinator of ApexBrasil in a webinar this Tuesday (13).
