Regional Economic Outlook, Middle East and Central Asia, April 2024: An Uneven Recovery amid High Uncertainty

With ongoing conflicts, shipping disruptions, and reduced oil production, uncertainty is rising in the Middle East and Central Asia. Economic growth is projected to be uneven between the two regions in 2024.
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Publication date: April 2024
ISBN: 9798400272356
$20.00
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Summary

The Middle East and North Africa and the Caucasus and Central Asia regions are positively impacted by the resilience of the global economy. Lower global commodity prices and vigilant policy responses have helped ease inflation in most countries. However, uncertainty and risks have risen amid ongoing conflicts, shipping disruptions, and reduced oil production. This is leading to an uneven recovery across the Middle East and Central Asia, with growth rates varying this year. Policymakers need to ensure economic stability and debt sustainability while navigating geopolitical risks and improving medium-term growth prospects. Amid high uncertainty, it is essential that countries implement reforms to enhance their fundamentals, including by strengthening institutions. Additionally, countries can seize potential economic opportunities amid shifting trade patterns by reducing long-standing trade barriers, diversifying products and markets, and improving infrastructure.