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January 7, 2016 | 10:25 | Dubai
Growth in the Middle East and North Africa (MENA) region is forecast to accelerate to 5.1% in 2016 from 2.5% in the year just ended, as the expected suspension or removal of economic sanctions against the Islamic Republic of Iran will allow that country to play a larger role in global energy markets, according to the World Bank’s January 2016 Global Economic Prospects.
Growth is expected to pick up in other oil exporters as well, predominantly on the assumption that oil prices will stabilize. The region is however subject to serious risks from the possibility of an escalation of conflict, a further decline in oil prices, and failure to improve living conditions, which could spark social unrest, World Bank said.