The Middle East

For a regular star-performer among emerging markets, the Turkish economy had a modest year in 2014, with the rate of growth easing and the lira tumbling, though exporters managed to post record earnings despite weaker demand from some key markets. 

Farm exports in Jordan showed substantial growth in 2014, aided by foreign sales of vegetables, while deals with new markets and key investments in water irrigation are strengthening growth potential for future years. 

While a combination of high break-even prices and lower levels of fiscal reserves could see falling oil prices push Bahrain further into the red, the kingdom is still set to post respectable economic growth for the year, buoyed by a solid performance from its non-hydrocarbons sector.

Non-oil growth and higher domestic consumption combined to drive up economic activity in Kuwait in 2014, although plunging world oil prices and relatively flat domestic production look set to weigh on the state’s finances.

Despite falling oil prices, the economy in Qatar maintained a steady rate of expansion throughout 2014, with targets of even more robust growth this year, fuelled by the non-hydrocarbon sector. 

The banking sector performed strongly in 2014, led by Abu Dhabi’s raft of big-ticket projects, which have proved to be a key driver of growth for larger lenders. However, signs that the market is becoming increasingly crowded, particularly in the retail segment, are prompting several players to look beyond the UAE’s borders for new business.