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IMF managing director forecasts higher economic growth for Arab region

BERNAMA – Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva projected that the total gross domestic product (GDP) growth for the Middle East region would reach 2.9 per cent this year.

She highlighted the increasing significance of the Arab region in a rapidly evolving global landscape.

During an interview with Emirates News Agency on the pre-summit day of the World Government Summit (WGS) 2024’s Eighth Arab Fiscal Forum, Georgieva emphasised the enduring partnership between the Arab world and the IMF, as evidenced by the forum’s convening. Despite prevailing global uncertainties, Georgieva expressed greater confidence in economic forecasts, citing the resilience of the global economy.

The IMF official also anticipated a decline in global inflation rates for 2024, while underscoring that medium-term global growth prospects remain at around three per cent, compared to the historical average of 3.8 per cent.

WGS 2024, themed ‘Shaping Future Governments’, kicked off on Sunday 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.

Managing Director of the International Monetary Fund Kristalina Georgieva. PHOTO: AFP