Major contraction in Iran is driving the Middle East’s growth slowdown: IMF report

The International Monetary Fund’s latest regional outlook report for the Middle East and Central Asia, published Monday, paints a picture of uncertain economies weighed down by global factors like trade tensions as well as internal and regional turmoil.

Trade wars, oil price volatility, the risk of a disorderly Brexit and rising social unrest — and in the short term, a massive economic contraction in Iran as it buckles under heavy U.S. sanctions — are the biggest factors shaping the region’s outlook, according to the IMF.