IMF: Oil producers better prepared for Ukraine-related economic downturn
The International Monetary Fund’s report also highlighted currency depreciation in Egypt, economic effects of the war in Yemen and Jordan’s fledgling tourism sector.
The International Monetary Fund (IMF) released its economic outlook for the Middle East today. The report from the DC-based financial institution highlighted the economic effects of the Russian invasion of Ukraine on the two regions. Global commodity prices have surged in response to the war, particularly those of oil and wheat.
The following are some Middle East-related highlights from the report:
Energy-rich states better off: The IMF said that oil-producing countries in the Middle East will unsurprisingly benefit this year from war-related higher oil prices, though they may face other challenges.
“Oil and gas exporters … would benefit from a rise in energy prices, offsetting the impact of tighter global financial conditions,” the report read. “They will, however, be exposed to higher volatility in oil and gas markets and, in some cases, lower tourism revenues.”
