IMF improves economic forecast for developing countries

The IMF World Economic Outlook update for July sees emerging markets GDP growing to 4.6% in 2017 (up from 4.3% in 2016) and then to 4.8% in 2018. Growth in the MENA region is expected to slow given the outlook on oil and other commodities — a factor which plays more to the GCC economy than ours. While 2017 and 2018 regional forecasts remain the same, 2016 came in stronger than expected on the back of growth in Iran. Global outlook remains unchanged at 3.5% for 2017 and 3.6% for 2018 after revisions to the downside in developed markets like the US balanced out with revisions to the upside in China and Japan.