...Hellhole adjunct to Israel and Egypt's Sinai Peninsula, inhabited by Gazooks. The place was acquired in the wake of the 1967 War and then presented to Paleostinian control in 2006 by Ariel Sharon, who had entered his dotage. It is currently ruled with an iron fist by Hamaswith about the living conditions you'd expect. It periodically attacks the Hated Zionist Entity whenever Iran needs a ruckus created or the hard boyz get bored, getting thumped by the IDF in return. The ruling turbans then wave the bloody shirt and holler loudly about
oppressionand
disproportionate response...
, attacks on Red Sea shipping and lower oil output add to existing challenges of high debt and borrowing costs.
The IMF revises down its 2024 growth forecast for the Middle East and North Africa (MENA) region to 2.7% from 3.4% in its October regional outlook. That would be an improvement from 1.9% growth in 2023.
The downward revision was driven by conflicts in Sudan, the West Bank and Gaza, as well as oil production cuts by Gulf countries weighing on activity.
"Assuming these factors ease in 2025, growth is forecast to strengthen to 4.2%," the IMF says.
"Uncertainty in high and medium-term growth is forecast to remain below pre-pandemic historical averages."
Within MENA, oil exporters are seen faring better, with the IMF projecting 2.9% growth this year, up 1 percentage point from last year.
"The voluntary oil production cuts — most notably by Saudi Arabia
...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. Fifteen of the nineteen WTC hijackers were Saudis, and most major jihadi commanders were Saudis, to include Osama bin Laden. Crown Prince Mohammed bin Salman quietly folded that tent in 2016, doing terrible things to the guys running it, and has since been dragging the kingdom into the current century...— are expected to continue to put a temporary damper on growth this year," the IMF says, adding that "higher-than-projected oil production will boost growth" for other, non-Gulf hydrocarbon producers.