by Daniel J. Graeber
Washington (UPI) Jul 24, 2017
The growth forecasts for Middle East and North African economies are under pressure from lower crude oil prices, the International Monetary Fund reported.
The IMF offered a mixed picture for global economic growth, projecting net global growth of 3.5 percent this year and 3.6 percent in 2018, forecasts that are unchanged from the April outlook.
"Projected global growth rates for 2017-18, though higher than the 3.2 percent estimated for 2016, are below pre-crisis averages, especially for most advanced economies and for commodity-exporting emerging and developing economies," the IMF reported.
For the United States, the world's largest economy and a top oil producer, the IMF lowered its growth forecast from 2.3 percent to 2.1 percent in 2017 and from 2.5 percent to 2.1 percent in 2018. The markdown was because IMF economists expected a less expansionary fiscal policy from U.S. economic planners.
For the Middle East and North Africa, a region that includes most of the members of the Organization of Petroleum Exporting Countries, the IMF said growth would slow considerably. After posting a growth rate of about 5 percent last year, the IMF said it expects the region to gain 2.6 percent this year, unchanged from the previous forecast, and 3.3 percent next year, a 0.1 percent markdown from the April forecast.
"The recent decline in oil prices, if sustained, could weigh further on the outlook for the region's oil exporters," the IMF's report read.
Robust gains from 2016 were indicative of the easing of sanctions on Iran. The regional forecast from the IMF includes data from Afghanistan and Pakistan.
For Saudi Arabia, the world's largest oil producer and de facto leader of OPEC, the IMF said the economy was adjusting well to the era of lower crude oil prices, as growth is supported by non-oil sectors. Growth in real gross domestic product is expected to be close to zero, the IMF said, because of Saudi Arabia's role in a multilateral effort to balance an over-supplied market for crude oil with managed production declines.
Parties to the effort are meeting in St. Petersburg, Russia, to consider its effectiveness.
Washington DC (SPX) Jul 18, 2017
Spilt crude oil has repeatedly polluted and even destroyed marine ecosystems. An effective measure would be to remove spilt oil slicks by absorption into a separable solid phase. As Indian scientists now report in the journal Angewandte Chemie, congelation of the oil to a rigid gel within impregnated cellulose and scooping the particles out is possible. Marine oil spills are disasters that ... read more
All About Oil and Gas News at OilGasDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|