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IMF: Iran Nuclear Deal To Boost Middle East Economic Growth

The International Monetary Fund (IMF) says Iran's nuclear deal with world powers will raise economic growth in the Middle East and North Africa next year, as the lifting of sanctions brings a rebound in oil production and exports.

Under the July accord, sanctions against Iran will be gradually lifted in return for Tehran imposing curbs on nuclear activities.

The IMF said in its semiannual World Economic Outlook on October 6 that growth in the region will "pick up substantially in 2016, supported by accelerated activity" in Iran.

The Washington-based organization also predicted "a gradual improvement in the outlook for countries severely affected by conflicts," including Iraq, Libya, and Yemen.

It said the prognosis for this year has worsened over the past six months, however, partly because of the conflicts raging in Yemen and Libya.

Regional growth is seen slowing to 2.3 percent this year from 2.6 percent in 2014, before rebounding to 3.8 percent in 2016.

Based on reporting by AFP