The International Monetary Fund (IMF) cut its growth forecast for the Middle East and North Africa region, but in turn kept its economic growth forecast for Saudi Arabia, the region's largest economy, last January, expecting the kingdom's economy to grow 1.8 percent this year to reach 2.1 percent by 2020.
According to the IMF, the region's economy will grow by 1.3 percent, 0.9 percent lower than previously expected last January due to sanctions on Iran and reduced oil and crisis growth.
The Middle East and North Africa (MENA) economy is expected to recover in 2020 by 3.2 percent. According to the IMF, the region's expectations are influenced by several factors, including the slow Saudi Arabia's GDP growth, US sanctions on Iran, tensions and civil strife in other economies, including Iraq, Syria and Yemen.
The IMF also expected oil prices to reach $ 59 a barrel this year and next year, lower than the previous forecast of more than $ 65 a barrel last October.
Source: (Al-Arabiya.net, edited)
