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IMF: Mideast economies face volatile politics, oil prices

IMF: Mideast economies face volatile politics, oil prices | iNFOnews.ca
FILE - In this Nov. 13, 2018 file photo, Jihad Azour, the International Monetary Fund's Mideast and Central Asia department director, gives a press conference in Dubai, United Arab Emirates. In a new outlook report issued Monday, April 29, 2019, the IMF said that political uncertainty and volatile oil prices are weighing heavily on economic growth in the Middle East this year. A closer look, however, shows sharp variations from country to country. (AP Photo/Kamran Jebreili, File)

DUBAI, United Arab Emirates – The International Monetary Fund says political uncertainty and volatile oil prices are weighing heavily on economic growth in the Middle East this year.

A new outlook report issued on Monday said that overall regional growth is expected to slowdown from close to 2% last year to about 1.5% in 2019.

A closer look, however, shows sharp variations from country to country.

Iran is among the hardest hit, with the IMF expecting economic retraction of around 6% under pressure of sanctions. The U.S. withdrawal of waivers on Iranian oil exports is likely to further impact this figure.

Meanwhile, Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Oman and Qatar will need to create minimum 1 million new jobs annually for at least the next five years to stop unemployment from rising.

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Abbey Westbury

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