Publication: Harnessing the Global Recovery, A Tough Road Ahead
Files in English
196 downloads
54 downloads
80 downloads
14 downloads
Other Files
94 downloads
Date
2014-04
ISSN
Published
2014-04
Author(s)
World Bank
Abstract
Many countries in Middle East and North
Africa (MENA) will start to benefit from stronger external
demand in the high-income economies, as the global economy
is set for a rebound in 2014. After a marked slowdown in
2013, a recovery in high income economies is expected to
boost global growth to 3.2 percent in 2014, an increase by
0.8 percentage points compared to 2013. Global output is
expected to improve further in 2015 with real gross domestic
product (GDP) accelerating to 3.4 percent in 2015. The World
Bank estimates that growth in the United States (U.S.) will
increase by 1 percentage point reaching 2.8 percent in 2014
and 2.9 percent in 2015; and the Euro Zone will improve to
1.1 percent and accelerate to 1.4 percent in 2014 and 2015
respectively, relative to negative 0.4 percent growth in
2013. The growth rebound in the Euro Zone is largely export
led, with Germany and France continuing to expand at a solid
pace, and Spain exiting recession. The world travel and
tourism council estimates show that tourism revenues will
increase by 7 percent in the MENA region in 2015 relative to
2014. To be sure, the global recovery is still fragile and
downside risks, including continued low inflation in
high-income economies, which can weaken demand and delay the
economic recovery, and the escalation of conflict in Ukraine
remain. This report presents the short-term, regional
macroeconomic outlook, and economic challenges facing the
countries in the MENA region. In this report, the MENA
region is divided into three subgroups: the Gulf Cooperation
Council (GCC) oil exporters, developing oil exporters, and
oil importers.
Link to Data Set
Citation
“World Bank. 2014. Harnessing the Global Recovery, A Tough Road Ahead. Middle East and North Africa Regional Economic Update;April 2014. © Washington, DC. http://hdl.handle.net/10986/17789 License: CC BY 3.0 IGO.”