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North Africa's Oil Hopes Dim Amid IMF Growth Downgrade, Global Uncertainties
Offshore Africa
|May 2025
The International Monetary Fund (IMF) has slashed its economic growth forecast for the Middle East and North Africa (MENA) region to 2.6% in 2025, down sharply from its earlier projection of 4%, highlighting the growing risks facing oil-driven economies amid geopolitical tensions, faltering global demand, and weaker oil prices.
In its latest Regional Economic Outlook released in Dubai, the IMF painted a picture of diverging fortunes across MENA. While oil-exporting Gulf Cooperation Council (GCC) nations are poised for modest gains, North Africa and other non-GCC oil producers face a steeper climb, stymied by delayed reforms, fragile investment climates, and slow recoveries in oil production.
"The region is grappling with multiple layers of uncertainty - from global trade disruptions and oil price volatility to internal conflicts and hesitant reform momentum," said Jihad Azour, the IMF's director for the Middle East and Central Asia.
North Africa: Rich in Potential, Short on Reform
This story is from the May 2025 edition of Offshore Africa.
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