According to the latest World Bank global economic prospect report, Mena economies are recovering after a rough year in 2013.
After a difficult situation with certain countries in the region, oil production, industrial activity and exports are the sectors driving the recovery process across the Middle East.
The first half of 2013 witnessed growth that was later counterbalanced by a drop in the second half. This led to oil-importers growing by just 0.2 percentage points for the whole year.
Meanwhile, in oil-exporting countries in the region, growth has been witnessed with a GDP increase of 1.8 per cent in 2013. Oil production is recovering with 7.7 million barrels produced everyday in Q1 2014, and Iraq remains the region’s largest producer.
Still, the region’s output remains below 2013 and the pre-Arab spring average.
“The financial health of economies has improved. With the exception of China and Russia, stock markets have done well in emerging economies, notably in India and Indonesia. But we are not totally out of the woods yet,” explains Kaushik Basu, senior VP and chief economist at the World Bank.
Wednesday, June 18- 2014 @ 18:44 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.