Middle East Oil Exporters Face Economic Slowdown
The International Monetary Fund (IMF) has predicted that economic growth in the Middle East and North Africa (MENA) region will slow due to the OPEC+ production cuts, with growth shifting from oil to non-oil sectors. Real GDP growth for MENA oil exporters is expected to slow from 5.7% in 2022 to 3.1% in 2023. Non-oil GDP in oil-exporting countries is forecast to rise by around 3.7% this year, thanks to the positive momentum in the retail and service sectors in Kuwait, Saudi Arabia, and the United Arab Emirates (UAE).