The partial reopening of Saudi Arabia's East-West pipeline will be a relief for both global energy markets and the Kingdom's economy. The immediate downside risk to our forecast for a fall in Saudi GDP of 2.5% this year has eased. Elsewhere, the IMF's analysis published this week that Egypt has managed the ongoing energy crisis well echoes our view that policymaking has been improving. Once the energy shock is over, growth should pick up strongly in the next few years.
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