By: Ramy Sameeh
Abu Dhabi – Mubasher: Arab economies are expected to grow 2.8% in 2017, compared to 2.3% in 2016, according to Abdulrahman Bin Abdullah Al Hamidy, Chairman and Director General of Arab Monetary Fund.
These economies recorded an average growth of 3.4% in the past five years, yet current levels growth are below expectations.
Arab countries are facing challenges due to global and regional macroeconomic and financial developments, namely global economic slowdown and volatile oil prices, Al Hamidy added on the sidlines of the Undersecretaries of the Arab Ministries of Finance's meeting in Abu Dhabi
Lower oil prices had an impact on the growth of oil exporting countries, and reduced the budget imbalances of oil-importing peers.
Arab countries managed to reduce average of energy subsidies-to-GDP ratios from 7% in 2013 to an initial estimate of 3.4% in 2016.
Translated by: Julian Nabil
