IMF Forecasts Economic Uplift for the Arab Region in 2024

The International Monetary Fund (IMF) has forecasted an uptick in economic growth across the Arab region for 2024, showing an improvement from the prior year’s performance.

Speaking with the WAM national news agency before the World Governments Summit (WGS) 2024 and its Eighth Arab Fiscal Forum, IMF Managing Director Kristalina Georgieva highlighted that the Middle East’s total GDP is expected to hit 2.9 per cent growth, outpacing 2023’s achievements.

Georgieva pointed to the global economy’s resilience as a key factor underpinning her optimistic economic outlook, even amid ongoing global uncertainties.

Furthermore, she projected a reduction in global inflation rates for 2024, while noting that the medium-term outlook for worldwide growth is pegged at around 3 per cent, below the 3.8 per cent historical norm.

The WGS 2024, under the theme “Shaping Future Governments,” commenced in Dubai, drawing in more than 4,000 attendees across various industries to partake in 110 interactive sessions. These sessions boast contributions from 200 speakers representing 80 international, regional, and intergovernmental bodies.

Original article reference: Dubai Eye 103.8.

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