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Global Macro-Market Outlook

Middle East and North Africa Outlook: After the Spring, a Harsh Winter

Growth rates across MENA countries are set to converge as oil exporters cut production and importers recover only slowly due to weak export outlooks and higher financing costs. Political and economic vulnerabilities remain self-reinforcing. Political risks loom, both in the political transitions and heightened rhetoric on Iran’s nuclear program, raising the risk of policy mistakes that could roil the global oil markets and deter intra-regional and global investors.

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