The Global Economic Conditions Survey (GECS) shows that global economic confidence remained low in Q1 2019, despite rising for the first time in a year.
Thursday 25, April 2019 BY KUDAKWASHE MUZORIWA
The Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA) said that they expect a 3.5 per cent economic growth in the Middle East in 2019.
Fazeela Gopalani, the Head of ACCA Middle East, said, “While confidence was especially weak in our region at the end of last year, we are seeing a really positive start to 2019 and in the first quarter confidence has rebounded abruptly.”
Economic growth in the region will be supported by the regulatory and fiscal landscape, especially in the UAE and Saudi Arabia markets, which continue to attract foreign direct investment (FDI) and have recently seen an increase in international acquisition such as the merger between UAE-based Careem and Uber.
“With the regional visions of Saudi Arabia and the UAE now in their implementation phases, the Middle East economy is set to grow at a positive rate after a general slowdown,” said Hanadi Khalife, Director, MEA and India operations at IMA.
GECS stated that the significant bounce in 2019 will be aided by the strong recovery in oil prices, however it remains to be seen how sustainable the rise in oil prices is given the slowing global economy, which is likely to exert downward pressure on prices.