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The Middle East and North Africa

Our Middle East and North Africa coverage provides detailed analysis, independent forecasts, and regional outlooks for the economies and financial markets across the region. We offer rapid responses to new data and developments, along with in-depth coverage of key themes, current trends, and future economic dynamics.

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This service offers in-depth economic analysis of growth, inflation, trade, currency and interest rate trends and independent market forecasts for 12 MENA states: Saudi Arabia, Egypt, United Arab Emirates, Algeria, Qatar, Kuwait, Morocco, Oman, Tunisia, Lebanon, Jordan and Bahrain.

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Middle East

Key Research on Tensions in the Middle East 

Israel strikes Iran

Syria after Assad

Trump faces a much changed Middle East

The strikes by Israel on Iran mark a major escalation in the conflict. Despite the tightening oil market, unless there was an effort to close the Strait of Hormuz or Iranian oil export infrastructure is targeted, a jump in the oil price is unlikely and poses a limited risk to global inflation.

The fall of Syria's President Assad has been warmly received , but a key lesson from the Arab Spring is that hopes for a major shift to democracy are thin. What's more, the geopolitical allegiances in the region are far different than at the height of the Civil War and may cloud the direction of Syria's outlook.

President Trump may seek to bring the Gulf and other parts of the Middle East back toward the US sphere of influence. But the reproachment between the Gulf and Iran, and the war in Gaza make it a more delicate task than in his first term.

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Our latest Economic Outlook for the Middle East and North Africa is the place to read all of our updated key calls and view our forecasts for the region. You can also view this data in our interactive Macro Dashboard with historical data and Capital Economics forecasts you need to track.

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Key Regional Forecasts

These are our latest forecasts for GDP growth and inflation across the Middle East and North Africa. For more detail behind these, view our latest Economic Outlook.

GDP and Consumer Prices (% y/y)

GDP2

Consumer Prices2

Share of World1

2023

2024

2025

2026

2027

2023

2024

2025

2026

2027

Saudi Arabia

1.09

0.5

2.0

4.3

4.5

2.8

2.3

1.7

2.3

0.8

1.8

Egypt

1.15

2.9

3.1

5.0

5.3

6.3

34.0

28.0

15.5

8.8

7.5

UAE

0.44

3.6

4.0

5.8

6.5

4.0

1.8

1.8

0.8

1.0

0.8

Algeria

0.43

4.1

3.8

2.5

2.0

1.0

9.3

4.0

4.0

4.5

4.5

Morocco

0.20

3.4

3.2

4.3

5.0

5.3

6.1

0.9

1.3

2.0

2.5

Qatar

0.18

1.5

2.5

3.0

5.5

15.0

3.1

1.2

0.0

1.3

0.8

Kuwait

0.13

-1.7

-2.6

2.0

4.8

1.3

3.6

2.9

2.5

2.0

1.3

Oman

0.11

1.2

1.7

2.0

3.5

2.5

1.0

0.5

0.8

0.8

0.8

Tunisia

0.09

0.0

1.4

1.5

1.0

2.0

9.3

7.0

7.0

9.5

9.0

Jordan

0.06

2.6

2.5

2.3

1.5

1.5

2.1

1.6

2.5

1.0

0.5

Bahrain

0.05

3.9

2.6

1.5

1.8

2.0

0.1

0.9

0.0

2.0

2.0

Lebanon

0.04

-1.0

-8.0

-0.5

5.0

5.3

221.3

45.2

13.2

8.8

8.5

MENA

3.97

2.1

2.5

4.1

4.6

4.4

14.3

10.0

6.1

3.9

3.8

Sources: CEIC, LSEG Data & Analytics, Capital Economics. 1) %, 2024, in PPP terms. 2) % y/y annual average.

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