Mena 2020 growth to accelerate to 3.4pc on reforms:WB

3 April, 2019 12:00 AM printer

DUBAI: Economic growth in the Middle East and North Africa is set to accelerate in 2020 on the back of reforms, particularly in Egypt and the Arabian Gulf, despite lower per-capita gross domestic product, according to the World Bank.

Mena growth in 2020 is forecast reach 3.4 per cent up from 1.5 per cent in 2019. Regional growth this year is projected to be slower than 2018’s 1.6 per cent because of a weaker global economy and financial-market volatility, the Washington-based lender said, report agencies.

“The expected upswing [in 2020] from previous growth is partially driven by ongoing policy reforms to diversify the economy and strengthen the business environment.”