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The middle east is growing so fast people are working there around the world.


The middle east is growing so fast people are working there around the world. 

DUBAI: The outlook for economic growth in the oil-exporting region, especially the GCC, is expected to improve in 2018, according to Slaughterhouses Middle East. 

Like other similar studies, the report acknowledges that GDP growth in the region remained moderate in 2017 despite efforts to stimulate non-oil economic activities for the private sector in the context of fiscal consolidation. While 2017 showed signs of improvement in GDP growth compared to 2016, it was weaker than expected at the beginning of the year due to the oil market. The average price of Brent crude was $ 52 a barrel (190.84 d.h.s.) since the beginning of the year, less than $ 58 a barrel earlier this year. According to Price water house Coopers, this was due to inadequate compliance with the reductions, at least until August, in addition to the resumption of production in Libya, Nigeria and the United States."Although the economic and financial results for the first half of the year are lower than expected, momentum is being generated in key parts of the region, indicating that stronger economic growth could reach 2018. 

According to the latest IMF forecast for 2018, regional GDP growth has recovered to 3.3 percent, largely due to the recovery of major regional economies, such as the United Arab Emirates, Saudi Arabia, and Kuwait. Real GDP growth in Saudi Arabia is expected to remain stable at 0.1%, compared to 1.7% last year. Next year, Saudi GDP is expected to improve marginally, driven largely by the non-oil growth sector. Real GDP growth in Saudi Arabia is expected to be close to zero (0.1 percent) as oil GDP falls in line with Saudi Arabia's commitments under the Organization of the Petroleum Exporting Countries (OPEC) agreement. 

However, the International Monetary Fund intends to strengthen it over the medium term with the implementation of structural reforms. Non-oil growth in Saudi Arabia is expected to accelerate to 1.7% in 2017, with an additional increase in 2018, with GDP growth of 1.1%. According to the International Monetary Fund, economic growth in the U.A.E., which has been declining steadily since 2015, is expected to recover in 2018. The IMF expects real GDP growth in the United Arab Emirates to reach 1.3% in 2017, And is expected to reach 3.4 percent. In 2018. 

For long, oil prices maintain current levels Or beyond, "said Richard Bacchanal, chief economist at Slaughterhouse Coopers Middle East. In its recent global economic outlook, the International Monetary Fund (IMF) envisages better growth prospects for oil-exporting countries in the region, although prolonged oil prices are expected to affect GDP growth for oil exporters. In all GCC countries, the impact of lower oil prices on economic growth in the region is expected to continue for a longer period. "The prolonged collapse in oil prices is affecting the prospects for economic growth in the Middle East and oil-exporting countries are very much affected by their long-term growth prospects," said Gian Maria Malaysia Ferrets, deputy director of the department. From IMF investigations. 

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