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5/10/24, 8:31 AM Economy Middle East Summit 2024 highlights economic growth prospects in MENA region | Emirates News Agency
the global economy is going through a state of

uncertainty.

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 percent in 2024, which is a tepid

increase from 1.9 percent 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 percent higher than

the global average of emerging markets 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

transparency, when debt stocks increase due to below-

the-line spending. For oil exporters, the challenge is one

of economic and fiscal-revenue diversification. This is

because of the structural change in global oil markets

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