Azour also confirmed that developments in prices Oil“Especially in light of the extension of the agreement.”OPEC+“, is one of the factors that determine expectations for economic growth in the region.
Azour said during an interview with “Eqtisad Sky News Arabia” on the sidelines of the meetings International Monetary Fund andWorld Bank In Washington, Friday, the International Monetary Fund expects the region’s economy to grow by 2 percent, which is a higher rate than the growth recorded last year, although the Fund has reduced the expected rate of growth compared to previous expectations in the spring.
Azour also indicated that the International Monetary Fund expects the economic growth rate in the region, especially among oil-exporting countries, to improve during the next year, reaching 4 percent.
Economic growth in the Gulf countries
Azour said that the non-oil sector in the Gulf countries has become the “major engine” of their economic growth, noting that the oil sector has also continued to achieve economic growth of more than 4 percent.
The Director of the Middle East and Central Asia Department at the International Monetary Fund explained that this matter contributed to diversifying and enhancing the sources of income for the economies of the Gulf countries, adding that there are bets on creating new economies in the region, such as renewable energy sources, and technology, such as artificial intelligence and others.
The impact of conflicts in the region
“With regard to other countries in the region, they can be divided into two parts, which are countries that were significantly and directly affected by the conflicts in the region, and countries that were indirectly affected, such as Egypt andJordan And others,” according to Azour, who confirmed that the tensions in the Middle East affected investments in these countries.
Azour said: “Countries that are directly affected, such as Lebanon Palestine’s situation is tragic on the humanitarian and economic levels. A quarter of the Lebanese people are displaced, and there is no economic movement in the agricultural areas in the south.”
He added that these matters have a high cost and a major impact on the Lebanese economy, “and it is necessary to quickly stop the conflict in addition to securing the largest possible amount of support to protect citizens in Palestine or Lebanon,” he said.
Egypt and the IMF
The Director of the Middle East and Central Asia Department at the International Monetary Fund said: Egyptian economy It has been affected during the recent period by the repercussions of the conflict in the region, especially the trade sector and revenues from the Suez Canal.
Azour said that there is a need to carry out internal reforms to enhance the size of the Egyptian economy, most notably reconsidering the role of the public sector and allowing the private sector to play a greater role in the economy.
Azour also stressed the need to solve the inflation crisis because of its major social impact, especially since the main part of inflation included basic goods and energy.
“It is necessary to continue the process of curbing inflation and protecting the Egyptian economy from external shocks through flexibility in the exchange rate, and working to reform public institutions, which are the three beneficial elements for the Egyptian economy,” according to Azour.
Azour explained that these reforms must be carried out with assistance provided to the most vulnerable groups in the country Egypt.