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sustainable economic growth at the local, regional and international levels, especially since the

global economy is going through a state of uncertainty.

Top business leaders attend the Economy Middle East Summit 2024 to help accelerate the
growth of the MENA regionImage Credit: Supplied

Roberta Gatti Chief Economist to the MENA region, The World Bank, said: “The MENA region is

returning to its pre-pandemic trend of low growth, in the context of a global economy that is
decelerating for the third consecutive year. MENA’s gross domestic product (GDP) is forecast to

rise to 2.7% in 2024, which is a tepid increase from 1.9% in 2023. This outlook is marked by

uncertainty, amidst the conflict in the region and rising levels of debt. In addition, rising debt is

heavily concentrated in oil-importing economies, which now have a debt-to-GDP ratio 50 per

cent higher than the global average of emerging market and developing economies. Oil importers

in MENA are borrowing against an uncertain future. In the past decade, they have not been able to
grow or even inflate their way out of debt, stressing the need for fiscal discipline and debt

https://gulfnews.com/business/corporate-news/economy-middle-east-summit-2024-highlights-
economic-growth-prospects-of-mena-region-1.1714745695048