In a recent address at the Emirates-Summit, the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, highlighted that economic growth in the Middle East is expected to decelerate in 2024. This projection is based on anticipated oil production cuts and ongoing conflicts in the region, particularly the situation in Gaza.
Georgieva emphasized that oil production plays a significant role in the economies of many Middle Eastern countries. As global efforts to transition to renewable energy sources gain momentum, countries in the region are expected to reduce their oil production. This shift is likely to have a notable impact on economic growth.
