IMF says Iran Nuclear Deal to Boost Mideast Economy 10/7/2015
IMF says Iran Nuclear Deal to Boost Mideast Economy
BY ECONSOURCE - The Iranian nuclear deal will lift economic growth in the Middle East next year as the rolling back of sanctions brings a rebound in oil exports, the International Monetary Fund said Tuesday in its latest World Economic Outlook.
Growth in the Middle East and North Africa will “pick up substantially in 2016, supported by accelerated activity in the Islamic Republic of Iran,” the report said.“
The lifting of sanctions … should allow for a recovery in oil production and exports,” it added, while predicting “a gradual improvement in the outlook for countries severely affected by conflicts, such as Iraq, Libya, and Yemen.”
Regional growth has slowed to 2.3 percent this year from 2.6 percent in 2014, before an expected rebound to 3.8 percent in 2016. Oil exporters, including the Gulf states, Iran, Iraq, Yemen, Libya and Algeria, account for most of the weakness in growth this year.
In addition, “spillovers from regional conflicts and intensified security and social tensions are weighing on confidence and holding back higher growth,” the IMF said. [AFP, 10/6/2015]