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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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.
According to an IMF report, Egypt is showing signs of recovery, with a better inflation rate and positive results of the unification of the exchange rate.
Egypt announced a 15% in petrol prices ahead of an IMF meeting to review the payout package. Egypt suffers with inflation and devaluations of the currency. Attacks around the Red Sea hit revenues from the Suez Canal.
This is part of the previously approved program size of USD 1.2 billion to help the country face medium-term balance of payments problems.
According to the IMF, recovery was supported by the 2022 peace agreement in Ethiopia, which generated a significant expansion in port activities, train traffic, construction, and energy production.
An International Monetary Fund staff team has released an end-of-mission statement on the country’s economy saying investment in green growth opportunities could boost Brazil’s economic potential.
IMF report says the foreign demand for real estate, international ties and the Arab country’s safe haven status drive rapid growth in house prices and an increase in rents.
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.
Humanitarian situation in the Arab country remains difficult with over half of the population facing food insecurity, and a contracted economic activity caused by the halt in oil exports.
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.
After Egypt Central Bank hiked interest rates, IMF released additional loan to the country. Pound was trading at a record low and prices rose.
Director-General Ngozi Okonjo-Iweala said the two countries put in a “hard work” and implemented beneficial but challenging reforms.
This year’s GDP projections are based on the World Economic Outlook review, which also estimated 1.7% growth for Brazil.
