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  "notes": "Includes specific country-level data for Saudi Arabia, Egypt, and UAE.",
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      "text": "GDP growth in the Middle East and Northern Africa (MENA) should pick up in 2024, following a downturn in 2023 as global monetary tightening and oil supply cuts weighed on oil exporting economies.",
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      "text": "1. MENA includes Algeria, Bahrain, Egypt, Iraq, Israel, Kuwait, Morocco, Oman, Qatar, Saudi Arabia and United Arab Emirates. For CPI, GDP weighted average. Source: EY analysis",
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      "text": "Rebounding tourism in Dubai should support growth, while government support policies should drive non-oil growth in UAE. Construction, manufacturing and financial services are the fastest growing sectors in Abu Dhabi. Growth in the non-oil sector will likely stay robust in 2024.",
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      "text": "GDP growth in the Middle East and Northern Africa (MENA1) should pick up in 2024, following a downturn in 2023 as global monetary tightening and oil supply cuts weighed on oil exporting economies.",
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      "text": "The Egyptian Pound is still under pressure, and transition to a flexible exchange rate is delayed, with talks underway for more funding from the IMF. This, along with higher external financing requirement in FY24 (around USD7.2b, compared to USD4.3b in FY23), is posing as the most prominent downside risk on Egypt's economic growth. Headline inflation rate registered a record high of 38% in September, driven by higher food inflation, but has since softened. The government announced in October 2023 an agreement with private producers and retailers to cut prices on staple foods by 15%-25% and exempt them from customs duties for six months.",
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      "text": "Saudi Arabia's oil GDP (30% of Saudi Arabia's GDP) is estimated to have contracted 7.1% in 2023, leading to a 0.5% contraction in overall GDP. We anticipate a GDP growth rebound to 4.4% in 2024. Signs of robust consumer spending and buoyed tourist spending should support non-oil sector expansion in the coming year. Inflation is easing, in line with the global trend, and is expected to average 2% in 2024, with some upside risks from geopolitical tensions.",
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