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The World Bank expects Middle East economies to achieve the fastest growth rate since 2016
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Economy News - Baghdad
Nader Mohamed, Regional Director for the Middle East and North Africa for Equitable Growth, Finance and Institutions at the World Bank, stressed that the rise in food prices "will affect all Arab countries."
And Muhammad considered, "The economic growth in the oil-importing countries benefited from the easing of the restrictions of Corona, and thus the growth rate of these countries achieved 4.2%, while the oil-exporting countries achieved a growth of 5.4%."
He pointed to "inflationary pressures that arose due to the war in Ukraine on all Arab countries importing grains and wheat," warning that "this situation will be reflected in pressures on the systems and exchange rates of currencies in a number of Arab countries."
He also expected that "these pressures will affect the increase in deficits in the balance of payments and the current account."
He predicted that "the economies of the Middle East and North Africa region will grow by 5.2% in 2022, the fastest growth rate since 2016, thanks to the unexpected returns from high oil prices, which are in the interest of the oil-exporting countries in the region."
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