Jihad Azour, Director of the Middle East and Central Asia Department, of the IMF, said in a Press briefing held today, October 15, in Bangkok, Thailand, that while the war in the Middle East is unevenly impacting economies, government policies across the Middle East and Central Asia have been able to soften the impact on the poorest.

“The war in the Middle East is imposing a highly uneven shock to the economies of the region. The economy is directly affected by the conflict, are under severe pressure, while other MENAP economies and much of the Caucasus and Central Asia economies have shown greater resilience.

The outlook depends on how quickly energy production and trade normalize, and on country's ability to preserve macroeconomic stability. The context of output among almost all directly affected exporters fell sharply, while disruptions to shipping and refined sent fuel prices sharply higher. Yet, the impact was more contained than the scale initially suggested. Pre-war surpluses. Output from non Gulf producers. Alternative transport routes, adjustment in demand and substantial inventory drawdowns all helped cushion the blow.