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MENA PMIs: a soft end to Q1

March’s batch of PMIs across much of the Middle East and North Africa came in softer as worries about a global trade war weighed on activity. Those concerns will have only mounted in the wake of President Trump’s tariff announcement last week. And with oil prices slumping too, non-oil sectors across the Gulf are set for a tough 2025 as governments scale back fiscal support.

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