IMF forecasts higher economic growth for Arab region in 2024


The International Monetary Fund (IMF) has predicted higher economic growth for the Arab World in 2024, compared to the previousyear.

In an interview with national news agency WAM, ahead of this year's World Governments Summit (WGS)'s Eighth Arab Fiscal Forum, Managing Director Kristalina Georgieva said total GDP growth in the Middle East will reach 2.9 per cent, surpassing the figures from 2023.

Despite prevailing global uncertainties, she expressed greater confidence in economic forecasts, citing the resilience of the global economy.

The IMF official also anticipated a decline in global inflation rates for 2024, while underscoring that medium-term global growth prospects remain at around 3 per cent, compared to the historical average of 3.8 per cent.

WGS 2024, themed Shaping Future Governments, kicked off in Dubai on Monday with over 4,000 participants from various sectors engaging in 110 interactive sessions. The sessions feature 200 speakers from 80 international, regional, and intergovernmental organisations.

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