Waves and means

Financial meltdown did not spare the Middle East, but China’s long-term new silk road project keeps it strategically critical for law firms following their globalising clients into Africa.

As published in Briefing Magazine July 2015

The Middle East region was hit hard by the financial crisis and the effects are still being felt − as recently as May the IMF regional economic outlook suggested that a likely slight increase in GDP growth to 3% in 2015 wouldn’t be enough to offset some persistently high unemployment.

The oil price drop is, of course, an important factor – and the IMF expects the region’s oil-importing countries, including Egypt, Morocco and Tunisia, to manage 4% growth. The earnings of oil exporters, however, are being eroded. Masood Ahmed, director of the Middle East and Central Asia at the IMF, said those governments need to moderate the pace of spending – albeit gradually, as such spending is itself a key driver of non-oil growth. Meanwhile, even the oil importers risk business being affected by ongoing regional conflicts – plus the competitive threat of a strengthening US dollar.

Read the full article in Briefing Magazine »

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