3.8 MIDDLE EAST

Thanks to the rising price of oil, the Middle East and North Africa have seen some economic recovery. GDP growth in the Middle East and North Africa rose from 2.2% in 2017 to 2.4% in 2018. However, as the U.S. is imposing sanctions on Iran, Iran’s economy deteriorated again, with a GDP growth rate dropping from 3.7% in 2017 to -1.5% in 2018.