The IMF reduces economic growth expectations for Saudi Arabia and Egypt. Pressure is increasing on the economies of the Middle East amid challenges regarding the oil market and the war on the Gaza Strip.
The IMF lowered its forecast for Egypt's economic growth to 3% this year from 3.6% expected last October. The Fund raised its global growth forecast for 2024 to 3.1% from 2.9% expected in October 2023. However, despite the raised growth forecasts, global growth is expected to remain below its recent historical average of 3.8%.