After a phenomenal performance last year, the economy of the oil exporters of the region will moderate considerably in 2023. However, growth is still expected to be strong with weaker global performance in the background.
Though oil supply stayed strong as Russia managed to reroute all its oil exports of Western countries, new production cuts by OPEC+ and recovering Chinese demand will not allow prices to fall.
Inflation will decline globally and in the region as energy prices are lower and base effects take their toll.
Global geopolitical tensions will continue to be the major source of uncertainty. During this session, we’ll discuss:
- Global and MENA outlook
- Uncertainties in oil markets decreased
- Inflation declines but more gradually than expected
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