Dubai: The Middle East and North Africa (Mena) region has one of the highest levels of anticipated economic growth through 2020, according to a report issued by global management consultancy A.T. Kearney’s Global Business Policy Council at the World Government Summit.
Growth for the region is forecasted to be 4.3 per cent for the period of 2016 — 2020 in accordance with International Monetary Fund data, just behind sub-Saharan Africa (5.3 per cent) and South Asia (5.9 per cent).
Global economic growth is set to rise over the next four years at 3.8 per cent annually. Although slower than previously anticipated, this is up from 2011-2015 period which saw average global growth rates of 3.5 per cent.
A.T. Kearney’s Global Business Policy Council (GBPC) has outlined the four factors set to shape economic development over this coming period.
“Four key dynamics set to shape economic growth significantly are the evolving resource slump cycle, sustained US economic resurgence, weak productivity growth and a hiatus of globalisation. Together these dynamics suggest uneven, and in many cases lacklustre growth prospects for markets around the world,” said Rudolph Lohmeyer, Director, Global Business Policy Council, A.T. Kearney.
A.T. Kearney identifies five key opportunities that have the potential to enable global economic growth to achieve ‘escape velocity’ — that is, to achieve sufficient momentum to move past prevailing constraints toward stronger growth.
These opportunities include: the normalisation of monetary policy, successful rebalancing of the Chinese economy, an exponential take-off of technology, a rapid acceleration of economic cooperation between the United States and China and resurgent growth in sub-Saharan Africa.
