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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The World Bank reduces its expectations for the growth of Iraq’s economy in 2024. Find out the reaso

    Rocky
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    bank - The World Bank reduces its expectations for the growth of Iraq’s economy in 2024. Find out the reaso Empty The World Bank reduces its expectations for the growth of Iraq’s economy in 2024. Find out the reaso

    Post by Rocky Wed 10 Jan 2024, 4:23 am

    [size=35][size=35]The World Bank reduces its expectations for the growth of Iraq’s economy in 2024. Find out the reasons[/size][/size]
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    01-10-2024 | 02:00
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    Alsumaria News - Economy

    The World Bank maintained its growth expectations for most of the economies of the Middle East and North Africa region despite the increased geopolitical uncertainty resulting from Israel's war on Gaza, which prompted it to lower its growth expectations for the Egyptian economy compared to its estimates issued last October.


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    The World Bank expected, in its World Economic Outlook report, that the economies of the countries of the Middle East and North Africa region would grow by 3.5% this year, but linked this to the lack of worsening of Israel’s war on Gaza and its expansion, assuming an improvement in the economic performance of oil-exporting countries, driven by export growth. And non-oil investments, and a stronger recovery in oil activity, after last year witnessed larger than expected reductions in production, according to Al-Sharq.



    But the report maintained its previous weak expectations for the region’s oil-importing countries, due to the negative impact of geopolitical conditions, especially on tourism, and the slowdown in growth in private consumption and investment, as a result of rising inflation and input costs.

    In terms of risks that may affect expectations, the World Bank said that the escalation of Israel's war on Gaza could lead to an increase in oil prices, which will benefit exporters, but in return, it will lead to weak activity due to the escalation of geopolitical tensions in the region.

    The World Bank expects that the Kingdom of Saudi Arabia’s economy will grow by 4.1% during the current year, with a growth rate of 4.2% next year, supported by the expected expansion in the Kingdom’s economy and exports, despite the extension of the voluntary oil production cut at the beginning of this year. The report indicated that "investments related to non-oil sectors, supported by the Kingdom's Vision 2030 led by Crown Prince Mohammed bin Salman, will be a key factor to support growth in the coming period."

    On the other hand, the World Bank lowered its expectations for the growth rate of Egypt’s economy during the current year by 0.2 percentage points from its previous estimate in October, slowing the growth rate of the economy of the largest Arab country in terms of population to 3.5%, as Israel’s war on Hamas is likely to exacerbate the inflation crisis. In Egypt, it reduces the purchasing power of families, restricts private sector activity, and intensifies pressures on external accounts through the effects on tourism, remittances, and the oil trade balance.

    On the other hand, the World Bank lowered its expectations for the growth of Iraq's economy by 0.1 percentage point from its previous projections, to grow by 4.2% during the current year, affected by the reduction in oil production and the decline in exports. The report indicated that the expected increase in oil production during the current year after easing production cuts in early 2024 will contribute to accelerating growth.


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