Ministry of Interior data also showed Abu Dhabi topped the list of fatalities, while Dubai topped the most number of injuries in 2023
Oil importers growth is forecast to be 4.5 per cent in 2018 and 4 per cent in 2019. Growth of oil exports in Middle East is projected to be 1.8 p cent in 2018 and 2 per cent in 2019. In GCC countries, growth will recover this year and reach 2.4 per cent and 3 per cent in 2019. It is coming from 0.4 per cent contraction in 2017, which means improvement is 2.8 per cent.
"Growth in oil exporters is expected to rebound this year and next year, given higher oil production and stronger non-oil activity. Iranian economy is going to witness slowdown in growth it will have negative growth this year and the next. Inflation is expected to exceed 30-35 per cent and exchange rate will come under pressure.
Regionally, he said, the non-oil sector growth is higher than oil sector so it is opportune time to accelerate reform to increase non-oil sector share in the economy.
Citing an example, he noted that helping small and medium enterprises and easy access to financing will allow business to make the most of opportunities and offer good potential to grow.
He advised that countries should focus on building greater resilience.
"There is a still scope for countries in the region to fiscal adjustments that create less headwinds for growth, especially countries can do more in streamlining in public expenditure. While region continues to grow, the outlook has become more uncertain and challenging so reforms need to be accelerated so that citizen will have more opportunities and build better prospects for the future," Azour said.
-waheedabbas@khaleejtimes.com
Ministry of Interior data also showed Abu Dhabi topped the list of fatalities, while Dubai topped the most number of injuries in 2023
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