Complex Made Simple

IMF increases Middle East growth forecast

The International Monetary Fund (IMF) has revised upwards its economic forecast for the Middle East and North Africa, despite trimming its predictions for global growth, Ahram has reported. According to the IMF, growth of 5.5% for the Mena region is expected in 2012, 1.3% higher than its April forecast, helped by boosts in Saudi and Libyan oil production. "In contrast with the broad trends, growth in the Middle East and North Africa will be stronger in 2012–13 relative to last year," the fund said in its quarterly revision of economic forecasts. The region, which is a net importer of raw materials and food staples, may also benefit from a projected easing in global consumer price inflation.