Citi Research projected Nigeria's real GDP growth at 2.4% in 2019 and 3.6% in 2020, mainly supported by a recovery in business confidence and a normalization of agricultural output levels, and in the absence of foreign currency shortages. It also indicated that the start of oil production at Total's Engina field could have a positive impact on the short-term growth outlook, but it pointed out that the government would need to pass the Petroleum Industry Bill to maintain or raise hydrocarbon output levels for a prolonged period. Further, it considered that the scope of Nigeria's fiscal policy to support economic recovery is very limited. In this context, it noted that the potential non-oil revenues from the current government's planned reforms would take time to materialize and, consequently, expected the country's fiscal space to remain constrained in the absence of a significant rise in global oil prices and in local hydrocarbon production. 

Instead, Citi anticipated that political pressure may increase on the Central Bank of Nigeria to ease monetary policy, especially if economic activity continues to be subdued. It noted that the Monetary Policy Committee already reduced the monetary policy rate by 50 basis points to 13.5% in March 2019. It pointed out the CBN has in recent years used a combination of alternative measures, such as aggressive open market operations and changes in the cash reserve ratio, instead of the policy rates, to keep a tight monetary policy and maintain the stability of the Nigerian naira. It considered that reducing the cash reserve ratio would have a positive impact on economic growth, as it would encourage commercial banks to increase lending. But it said that lowering the ratio and easing open market operations could potentially put pressure on the Nigerian naira. 
Source: Citi Research

The Institute of International Finance indicated that the excess supply of residential and commercial real estate, as well as weak demand for property in the countries of the Gulf Cooperation Council (GCC), have caused a steady decline in real estate prices since 2014. It considered this trend to be a consequence of a supply-driven real estate market, amid rising global interest rates, appreciating exchange rates, and regional tensions. Also, it pointed out that there is a risk that the drop in real estate prices is self-perpetuating, as lower prices would make acquiring property more affordable, but potential buyers might hesitate to buy if they expect their purchase today to lose value over time. Further, it anticipated the decline in prices to persist in the near term. In this context, the IIF indicated that a downward trend in real estate prices increases the risk of deflation in the region, and that central banks are limited in their capacity to control deflationary pressures as GCC currencies are pegged to the US dollar. It also noted that a weakness in the real estate sector poses a threat to the profitability and stability of regional banking systems, given the significant size of loans extended to the sector.

However, the IIF considered that there are some signs of market adjustment and that GCC governments are implementing reforms that would raise the prospects for a real estate turnaround. It added that a sustained increase in global oil prices would raise government revenues and support non-oil economic activity, including in the real estate sector. It indicated that the development of lower-priced projects is picking up despite subdued demand for higher-priced real estate. It noted that developers are slowing the pace of new projects in favor of marketing their existing inventory.
Source: Institute of International Finance

The consolidated balance sheet of commercial banks in Jordan indicates that total assets reached JD51.4bn or $72.5bn at the end of March 2019, constituting increases of 0.9% from the end of 2018 and of 3.2% from end-March 2018. Claims on the resident private sector grew by 1.3% from end-2018 to JD24bn, while credit facilities to the non-resident private sector rose by 0.8% to JD660.4m, leading to an increase of 1.3% in overall private sector credit facilities in the first quarter of 2019. Lending to the resident private sector accounted for 46.7% of total assets at the end of March 2019 compared to 46% a year earlier. In parallel, resident private sector deposits reached JD27.2bn at the end of March 2019, up by 0.8% from JD26.9bn at end-2018 and almost unchanged from JD27.1bn at end-March 2018, while non-resident private sector deposits grew by 0.8% from the end of 2018 and by 3.4% from end-March 2018 to JD3.9bn. The government's deposits totaled JD945.1m and those of public non-financial institutions reached JD226.5m. Claims on the public sector accounted for 22.3% of total assets at end-March 2019 compared to 21.1% a year earlier. Also, the banks' reserves at the Central Bank of Jordan totaled JD4.9bn, or $6.9bn at end-March 2019, down by 15.4% from end-March 2018; while capital accounts and allowances increased by 4.4% from end-March 2018 to JD7.9bn. Deposits at foreign banks reached JD3.9bn, or $5.5bn, at the end of March 2019, up by 0.8% from end-2018; while the sector's foreign liabilities increased by 4% from end-2018 to JD7.6bn. 
Source: Central Bank of Jordan