The Economic Research Forum (ERF) and the World Bank’s Office of the Chief Economist for the Middle East and North Africa (MENA) region are organizing this seminar to discuss the World Bank’s latest MENA Economic Update for October 2024, titled “Growth in the Middle East and North Africa.”

The MENA region is projected to grow at 2.2 percent in 2024. Yet, the outlook remains subdued amid heightened uncertainty and masks important disparities within the region. The growth acceleration is primarily driven by high-income oil exporters, while growth is expected to decelerate among developing MENA countries, including both developing oil exporters and importers.

In addition to examining the macroeconomic outlook of the region, this edition of the semi-annual MENA Economic Update includes an analysis of the economic impacts of the conflict in the Middle East on the Palestinian economy, as well as on the broader regional and global economies. The report also explores the long-term impacts that conflicts historically have had on economies in the region and identifies critical levers that countries could employ to accelerate economic growth.

The report emphasizes that peace is an essential precondition for catching up to the frontier, as conflict can undo decades of progress and delay economic development by generations. Despite current challenges, the region can dramatically boost growth by better allocating talent in the labor market, leveraging its strategic location, and promoting innovation. Closing the gender employment gap, rethinking the footprint of the public sector, and facilitating technology transfers through trade under enhanced data quality and transparency can help the region leap toward the frontier.

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