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Ammon News - AMMONNEWS - The Regional Economic Outlook Update, released Tuesday in Dubai, projected that Jordan's Gross Domestic Product (GDP) will grow by 3.8 per cent this year and 4.5 per cent in 2016.

For the Middle East North Africa, Afghanistan, and Pakistan (MENAP) group of oil-importing countries, the International Monetary Fund report predicted the GDP would grow by 4 per cent in 2015 and 4.4 per cent in 2016.

According to the report, the inflation rate is expected to be around 1.2 per cent in 2015, while it is forecast to reach approximately 2.5 per cent in 2016.

Regionally, the report expected inflation to reach 6.9 per cent and 6.5 per cent in 2015 and 2016, respectively.

According to the report, the budget deficit is expected to to 2.9 per cent in 2015 and 1.5 per cent in 2016. Regionally, the report expected the budget deficit to reach 7 per cent in 2015 and 5.6 per cent in 2016.

The report expected the current account deficit to stabilize at 7.6 per cent this year, with a chance of dropping to 6.6 per cent in 2016.

As for the oil-exporting countries, the report projected that GDP would grow by 2.4 per cent and 3.5 per cent in 2015 and 2016, respectively.

Consumer Price inflation for MENAP oil exporters is expected to grow by 5.8 per cent and 6.1 per cent in 2015 and 2016, respectively.

A modest recovery is expected to continue in the MENAP region, despite a slump in oil prices, raging regional conflicts, and lingering uncertainty over the post-Arab Spring transitions, the report revealed.

*Petra