10.28 AM Saturday, 2 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:24 06:37 12:34 15:53 18:25 19:38
02 March 2024

IMF Managing Director forecasts higher economic growth for Arab region in 2024

Published
By WAM

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.

Speaking on the sidelines of the pre-summit day of WGS 2024's Eighth Arab Fiscal Forum, Georgieva emphasised the enduring partnership between the Arab world and the International Monetary Fund.

Despite uncertainties, "the global economy has been surprisingly resilient," IMF Managing Director added.

The IMF Chief 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.