(MENAFN - Qatar News Agency) The majority of MENA economies are expected to grow over the next year partially owing to higher oil production, according to asset manager PineBridge Investments.
"We expect economic growth across the region will increase moderately during the year, helped in part by higher oil production and concur with the IMF's forecast of 3.8 percent real GDP growth for 2014 (up from 2.1 percent in 2013)," said Talal Al Zain, chief executive officer of PineBridge Investments Middle East
"In the longer term, a growing young population, increasing consumption and rising budget expenditure should overcome policy challenges in many of these countries, creating promising conditions for investment." Al Zain said that economies across the MENA region face different kinds of policy challenges
As economies such as Egypt need to work on stabilizing its political conditions, GCC states should continue their oil diversification policies and aim to be a service and manufacturing sector dependent economy, he said, reported Saudi Gazette newspaper
The MENA region and Turkey are also a fertile ground for private market activity, Al Zain added.