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Published: February 16, 2024 | Updated: May 17, 2024
Read time: 3 minutes
Businesses and consumers around the world will make tough decisions about how to spend and invest their money in 2024, according to the Mastercard Economic Institute’s Economic Outlook 2024 report.
Interest rates, wages and prices remain high relative to pre-pandemic levels, forcing careful prioritization of resources. Consumer empowerment, however, will be driven by moderating inflation, steady real economic growth and varied regional dynamics.
Key takeaways for the Middle East & North Africa in 2024:
Headwinds & tailwinds to watch
2024 headwinds:
- The GCC oil sector will remain constrained by lower oil prices and production.
- Egypt will be forced to address their macroeconomic imbalances as supply of hard currency is still insufficient to support the needs of the economy.
- Turkey has reversed its expansionary policy stance, and higher interest rates are taking the heat from credit growth, which will weigh on consumption and job creation.
2024 tailwinds:
- Diversification efforts supported by expansionary fiscal policy will drive the non-oil economy through higher investment, which will in turn support employment and domestic consumption.
- The GCC is one of the fastest growing tourism destinations in the world, outpacing the global average in terms of travel spend.
Country breakdown
Read the full Economic outlook 2024 report and learn more about the Mastercard Economics Institute.
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