IMF Forecasts Higher Economic Growth for Arab Region in 2024

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), highlighted the increasing significance of the Arab region in a rapidly evolving global landscape.

She projected that the total GDP growth for the Middle East region would reach 2.9% this year, surpassing the figures from 2023.

During an interview at the pre-summit day of WGS 2024's Eighth Arab Fiscal Forum, Georgieva emphasised the enduring partnership between the Arab world and the IMF, as evidenced by the forum's convening.

Despite prevailing global uncertainties, Georgieva 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%, compared to the historical average of 3.8%.

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

News Source: Emirates News Agency