World Bank lifts growth forecast for Middle East region, Iran suffers contraction

The World Bank has lifted its growth outlook for the region encompassing the Middle East, North Africa, Afghanistan and Pakistan for 2025, though trimmed its forecast for next year, citing conflict and lower oil production in Iran and Libya. The Washington-based lender said it now expected regional GDP growth across MENAAP economies to average 2.8% this year, up from 2.6% forecast in its April growth outlook. This was driven by Gulf states seeing a boost in economic activity following a faster than anticipated phasing out of oil productions cuts and growth from the non-oil sector. "The outlook has also improved in oil importing countries, driven by private consumption and investment, and a rebound in agriculture and tourism," the World Bank...