Muscat: The World Bank has raised its growth projections for the region comprising the Middle East, North Africa, Afghanistan, and Pakistan for 2025, although it revised its estimates downward for the upcoming year. The institution attributed these forecast adjustments to ongoing conflicts and reduced oil production in Iran and Libya.
According to Oman News Agency, the Washington-based bank projects that the average GDP growth for the economies of the Middle East, North Africa, Afghanistan, and Pakistan will reach 2.8 percent this year, up from the 2.6 percent growth forecast it issued in April.
This revision reflects improved economic activity in the Gulf states, driven by a faster-than-expected phase-out of oil production cuts alongside growth in the non-oil sector.