International report: Iraq's economy will grow by 3.7% in 2023 and 3.1% next year

[size=35][size=35]International report: Iraq's economy will grow by 3.7% in 2023 and 3.1% next year[/size]
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Economy

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2023-04-12 | 04:42
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Alsumaria News - Economy

The International Monetary Fund (IMF) reduced its forecast for the growth of the economies of the Middle East and North Africa by 0.1% in 2023 and 2024 to 3.1% and 3.4%, respectively, compared to expectations from last January, according to a report by the International Fund.

In its quarterly report for the latest forecasts of “Global Economic Outlook – April 2023”, the fund indicated that it raised its expectations for the growth of the Saudi economy (the largest economy in the region) in 2023 to 3.1%, compared to previous expectations of 2.6%, while it will grow by 3.2% next year.
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In the context, the growth of the Saudi economy is slowing after recording a growth of 8.7% in 2022, while the Fund reduced its expectations for the growth of Egypt's economy in the fiscal year 2023 to 3.7%, from 4% in previous expectations, and next year it reduced it by 0.3% to 5%.

The fund estimated that the UAE economy would grow by 3.5% and 3.9%, respectively, in 2023 and 2024, while Kuwait's economy would grow by 0.9% and 2.7% in the same two years, respectively. The growth of the Sultanate of Oman's economy was estimated at 1.7% and 5.2%, respectively, in 2023 and 2024.

While Qatar's economy is expected to grow by 2.4% in the current year, then 1.8% in 2024, the economy of Qatar will also grow[You must be registered and logged in to see this link.]By 3.7% in 2023, and 3.1% next year.

The economies of the oil-exporting region have benefited from the rise in global oil prices, while other countries that depend on oil imports are suffering, which exacerbates their balance of payments deficit.

*Warning of damage to global economic growth
on the other hand, lowered[url=https://www.alsumaria.tv/Entity/44814/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]International Monetary Fund[/url]In the same report, he predicted global growth for 2023 slightly with a slowdown in the rate of interest rate hikes, but he warned that severe financial system disruptions would lead to a reduction in production to levels close to stagnation.

And he mentioned[url=https://www.alsumaria.tv/Entity/44814/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]International Monetary Fund[/url]The risks of contagion in the banking system were contained through strong policy measures after the collapse of two US banks and the forced merger of Credit Suisse.

The unrest added to the uncertainty created by rising inflation and the spillover effects of Russia's war in Ukraine.

And he said[url=https://www.alsumaria.tv/Entity/44814/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]International Monetary Fund[/url]At the start of the joint spring meetings with the World Bank in Washington: “With the recent increase in financial market volatility, uncertainty surrounding the global economic outlook has increased,” and added: “Uncertainty increases and the balance of risks shifts strongly to a downward trend when the financial sector is unstable.”

He expects[url=https://www.alsumaria.tv/Entity/44814/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]International Monetary Fund[/url]Now that global real GDP growth will be 2.8% in 2023, and 3% in 2024, down sharply from 3.4% growth in 2022 as a result of monetary tightening.

The Fund cut its 2023 and 2024 forecasts by 0.1 percentage point from its January estimates, partly due to the weak performance of some major economies, as well as expectations of further monetary tightening to fight persistent inflation.

Outlook has improved[url=https://www.alsumaria.tv/Entity/44814/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]International Monetary Fund[/url]For the United States, it decreased slightly, with growth expected to reach 1.6% in 2023, compared to expectations of 1.4% growth in January, in light of the continued strength of the labor market.

However, the fund lowered its forecasts for some major economies, including Germany, whose economy is now expected to contract by 0.1% in 2023, and Japan, which is now expected to grow by 1.3% this year instead of 1.8%, according to January forecasts.

while lifting[url=https://www.alsumaria.tv/Entity/44814/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]International Monetary Fund[/url]Its forecast for core inflation for 2023 fell to 5.1%, from 4.5% in January, saying it had not yet peaked in many countries despite lower energy and food prices.

For his part, he said[url=https://www.alsumaria.tv/Entity/798822497/%D8%A8%D9%8A%D9%8A%D8%B1 %D8%A3%D9%88%D9%84%D9%8A%D9%81%D9%8A%D9%8A%D9%87 %D8%AC%D9%88%D8%B1%D9%8A%D9%86%D8%B4%D8%A7/ar/]Pierre Olivier Gorinchas[/url]Chief economist at[url=https://www.alsumaria.tv/Entity/44814/%D8%B5%D9%86%D8%AF%D9%88%D9%82 %D8%A7%D9%84%D9%86%D9%82%D8%AF %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A/ar/]International Monetary Fund[/url]Reporters: "Our advice is that the focus of monetary policy should remain on reducing inflation." He added, in an interview with Reuters, that central banks should not stop their war against inflation because of financial stability risks that appear to be "largely contained".[/size]
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