Einar H. Dyvik
Research expert covering Nordics and global data for society, economy, and politics
Middle East and North Africa Economic Outlook 2024 - Statistics & Facts
While oil production and high inflation rates both influence the 2024 economic outlook for the Middle East and North African region, the ongoing conflict in Gaza has immediately affected the current situation. Due to safety and security concerns brought about by the conflict, tourism activities are declining, and trade routes through the Red Sea are being rerouted. Furthermore, business corporations associated with the conflict are experiencing widespread boycotts, with shifts in consumer behavior emerging. The current situation affects the region's political risk assessment, which influences foreign trade and investments. Although the overall inflation rate in the MENA region is projected to reduce in 2024, it is still a major hurdle to overcome for some MENA countries with high debts and inflation rates.
Besides those above mentioned current economic obstacles, there are also long term structural challenges, governments of the MENA region try to address. These are the leading missions:
