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IMF's Jihad Azour on the deepest oil shock in history and the region's road to recovery

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The National
“IMF's Jihad Azour on the deepest oil shock in history and the region's road to recovery”

The war with Iran has delivered the deepest oil and gas shock in modern history, deeper than the crises of 1974 and both Gulf Wars. Yet its effect on prices and markets has been far milder than in previous episodes, the International Monetary Fund said. For Jihad Azour, director of the IMF’s Middle East and Central Asia department, that resilience is the result of years of economic diversification and stronger policy frameworks across the Gulf. The IMF’s latest regional outlook forecasts a…

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