Iraq devalues, more Qatar gas soon, Jordan growth

Iraq's devaluation of the dinar this week highlights the strains in the economy from the hit to its oil revenues. But given the boost to the public finances from the devaluation, as well as limited FX debt and sizeable FX reserves, we don't expect Iraq to fall into a deeper crisis. Elsewhere, Qatar's expansion of its North Field will be a major boost for the economy which is enduring a tough year. Jordan, in contrast, looks to have weathered the conflict well so far according to data out this week.