Some economists prefer a definition of a 1. The NBER defines an economic recession as: In the United Kingdomrecessions are generally defined as two consecutive quarters of negative economic growth, as measured by the seasonal adjusted quarter-on-quarter figures for real GDP  with the same definition being used for all other member states of the European Union.
In Israel, private and public consumption drove growth in seasonally-adjusted annualized rate SAAR terms, while Egypt should have benefited from structural reforms. Moreover, Morocco saw an uptick in growth thanks to a strong agricultural sector, while preliminary data for Tunisia signaled a weaker expansion, due to a downturn in the manufacturing sector.
Although oil-exporting countries are still to report official national accounts figures for the third quarter, economic activity was in most cases likely firm, buttressed by higher oil prices and crude output. Most countries—in particular Saudi Arabia—ramped up production in Q3, to fill the gap left by output declines from Venezuela and Iran.
However, Iran itself likely endured a torrid third quarter as the first wave of U. In addition, oil production among MENA members with the exception of Iran was elevated at the outset of the quarter, chiefly due to Saudi Arabia and the UAE continuing to pump more of the black gold.
However, crude prices have taken an almighty tumble in recent weeks, which threatens the growth momentum and fiscal positions of oil-exporting countries—particularly as several nations recently announced expansionary budgets for next year, on the assumption that the oil market would remain buoyant.
In contrast, lower oil prices will reduce the import bill and price pressures in oil importing countries such as Egypt and Israel, which will be positive for growth. The price decline came on the back of the surprise U. Key oil-importers Egypt and Israel should perform well, aided by robust investment and private consumption.
Moreover, regional growth will also be supported by still-healthy global economic activity. Vulnerability to oil price fluctuations, persistent geopolitical tensions, tighter global monetary policy and the deteriorating situation in Iran pose downside risks.
FocusEconomics Consensus Forecast panelists expect the region to expand 2.
Moreover, PMI readings pointed to robust growth in the non-oil private sector in the period. Looking ahead to Q4, oil production hit record highs as Saudi Arabia continued to compensate for lower output from Iran.
However, at the start of November the U. Barring a swift price recovery, this will dampen the performance of the hydrocarbon sector in the final quarter.
Nevertheless, the PMI survey for the non-oil sector began Q4 on a positive note, with faster new orders growth and business confidence on future output levels in October marking the highest reading in 58 months.
Economic growth should accelerate next year given strong fiscal stimulus and diversification efforts to support the non-oil economy.
Greater trade protectionism and a synchronized slowdown in global growth could also reduce demand for oil, leading to a further fall in prices. Our panel expects growth of 2. Ingrowth is seen decreasing slightly to 2. ISRAEL Economic growth is brisk in Q3 The economy rapidly accelerated in the third quarter, led by firming domestic demand on rebounds in private and public consumption and strong export growth.Market participants are focusing more on the potential for environmental, social and governance (ESG) issues to impact investment decisions and to assist in the development of a more sustainable economy.
DETROIT (AP) — Sam Reinhart and Tage Thompson scored in a seven-round shootout to give the Buffalo Sabres their ninth consecutive victory, over. A large economic downturn in East Asia threatens to end its nearly 30 year run of high growth rates.
The crisis has caused Asian currencies to fall %, stock markets to decline 40%, banks to close, and property.
The Great Recession was a period of general economic decline observed in world markets during the late s and early s. The scale and timing of the recession varied from country to country. The International Monetary Fund concluded that the overall impact was the most severe since the Great Depression in the s.
The Great Recession stemmed from collapse of the United States real. Aug 10, · Post a comment. East Asia Forum welcomes comments, both for adding depth to analysis and for bringing up important new issues. Original comments adding insight and contributing to analysis are especially encouraged.