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Middle East North Africa, Afghanistan and Pakistan: Regional Economic Outlook

Chapter 1: MENAP Oil Exporters: Adjustment to Cheaper Oil Continuing

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Middle East, North Africa, Afghanistan, and Pakistan (MENAP) oil exporters continue to face an exceptionally challenging environment as low oil prices and conflicts continue to weigh on economic activity, fiscal and external balances, and the financial sector. Many have made progress in fiscal consolidation, yet sustained efforts will be required over the medium term to place public finances on a sound footing. Plans to diversify economies away from oil and create jobs for the rapidly-growing populations have also been announced. Such economic transformation will take time. Careful and steady implementation of the diversification plans will be key to their success. In addition, policymakers need to remain vigilant about the financial stability risks, especially tightening liquidity and the risk of deteriorating asset quality.

See Chapter 1 Full Table of Contents
  • Moderate Oil Price Recovery
  • Weak Growth Outlook, Muted Price Pressures
  • Further Fiscal Adjustment Needed
  • Financing Current Account Deficits
  • Challenging Environment for the Financial Sector
  • Accelerating Diversification and Private Sector Development
  • References