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FOCUS on Middle East 2023
Charting a New Course: The Middle East’s Economic Transformation

In 2023, the Middle East navigated a complex terrain, fraught with global uncertainties, domestic intricacies, and geopolitical challenges. The region faced reduced oil pro-motion, stringent policy settings, regional conflicts, and nation-specific issues, coll.tivelycontributing toa slowdown across the Middle East and North Africa (MENA) region. Amidst these uncertainties, Middle Eastern countries displayed a steadfast commitment to proactivesustainable growth, anchored in strategic diversifications and ongoing reforms.

Having eased to 2% by the close of 2023, the real GDP growth in the Middle East reflected the impact of diminished oil production among exporters and tighter policy conditions in emerging markets and middle-income economies. This adjustment followed the robust 5.6% recorded in the previous year. Despite this moderation, the Middle East is positioned to surpass global growth rates in 2024, with an anticipated acceleration of 3.3%. As global GDP growth slightly contracts from 3, in 2023 to 2.9% in 2024—dipping notably below the historical average of 3.896—the Middle East remains poised for remarkable economic growth.

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