IMF sees bumper year for Arab oil producers, risk for others
ABC News
The world’s economy is forecast to grow around 3.6% this year, but Arab oil exporters are seeing a windfall from high energy prices that will buoy their economies and replenish their financial reserves this year and next
DUBAI, United Arab Emirates -- The world's economy is forecast to grow around 3.6% this year, but Arab oil exporters are seeing a windfall from high energy prices that will buoy their economies and replenish their financial reserves this year and next, according to a report released Wednesday by the International Monetary Fund.
Those hard-hit in the Middle East, however, are oil importers and countries like Egypt that also rely heavily on food imports from the Black Sea region, where Russia's invasion of Ukraine has impacted exports like sunflower oil, barley and wheat worldwide.
The war has caused wheat prices to soar as farmers in Ukraine were forced to pick up arms, stop farming or have been unable to export their grains due to blocked ports and roads.
Higher energy prices, though, spell fortune for the region's oil producers, like Saudi Arabia where economic growth is expected to hit 7.6% this year.
