Russia’s invasion of Ukraine will affect MENA through multiple channels: higher energy and grain prices, supply disruption of wheat and other grains from Russia and Ukraine, lower tourism and remittance inflows, and increased risk-off sentiment. 

In our Q2 MENA quarterly macro update, we will assess the implications of these channels on macroeconomic conditions in MENA countries, namely inflation, monetary policy, fiscal and external positions, political risks and economic growth.

Topics covered will include:

  • Inflation and political risks in North Africa and Levant
  • Rising import and subsidy bill exacerbating fiscal and external imbalances in hydrocarbon importers
  • Higher energy prices boosting external and fiscal positions of net hydrocarbon exporters

THIS COMMENTARY IS PUBLISHED BY FITCH SOLUTIONS COUNTRY RISK & INDUSTRY RESEARCH and is NOT a comment on Fitch Ratings' Credit Ratings. Any comments or data are solely derived from Fitch Solutions Country Risk & Industry Research and independent sources. Fitch Ratings analysts do not share data or information with Fitch Solutions Country Risk & Industry Research.

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