Economic overview of Middle Eastern countries: What to expect?

The Middle East region is known for its rich oil and gas resources, and the energy sector has been a major driver of economic growth for many of its countries. However, the region is also home to diverse economies with varying levels of dependence on oil exports, and the economic outlook for each country differs depending on a number of factors such as political stability, fiscal policies, and external market conditions.

Overall, the Middle East is projected to experience a moderate economic growth of around 2.4% in 2022, according to the International Monetary Fund. While this is an improvement from the contraction experienced in 2020 due to the pandemic, it is still below the pre-pandemic levels of growth.

Some of the factors that are expected to drive growth in the region include increased investment in infrastructure, diversification of economies away from oil dependence, and improvements in business environments to attract foreign investment. On the other hand, ongoing conflicts and geopolitical tensions in some parts of the region, as well as the volatility of oil prices, remain key challenges to sustained economic growth.