The world economy’s centre of gravity is shifting from the US towards China. The leading developed nations will grow by 3.6 per cent, predicts the IMF, but emerging and developing economies will grow by 6.6 per cent on average.
The Middle East is caught between the two extremes, but its fortunes are closely tied to both.
There is no doubt that the weakness of the US dollar is making life harder in the region.
The IMF is upbeat about the year ahead for the Middle East but other economists warn that the region is ‘insulated, not isolated’ from the problems.