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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 Arab Monetary Fund expects moderate growth for the Iraqi economy in 2023

    Rocky
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    The Arab Monetary Fund expects moderate growth for the Iraqi economy in 2023 Empty The Arab Monetary Fund expects moderate growth for the Iraqi economy in 2023

    Post by Rocky Sat 03 Jun 2023, 7:01 am

    [size=45][size=41]The Arab Monetary Fund expects moderate growth for the Iraqi economy in 2023[/size]
     16 hours ago
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    The Arab Monetary Fund expected the continuation of the economic growth momentum in the UAE during the current and next years, to achieve a high average economic growth rate of 4.6 percent for the period from 2022 to 2024, as a result of the increase in oil prices and high confidence in business, while the economies of Algeria, Iraq, Yemen and Libya, Which depend on oil exports, a moderate growth of 4.2 percent on average during 2023.
    In a recent report entitled “Prospects for the Arab Economy,” the fund stated that the UAE economy is expected to grow by 4.2 percent in the current year 2023, while the consumer price index is expected to decline to 2.9 percent in 2023, and 2.57 percent in 2024.
    The report expected the growth of Arab economies by about 3.4 percent in 2023, with the stability of oil and gas prices, the decline in commodity prices, including agricultural products, and the corresponding tightening of monetary policies to reduce inflation.
    The report notes that the Arab countries that have adopted economic reform programmes, visions and strategies to diversify their economies and increase their relative strength, reform business environments, encourage the role of the private sector and support human capital seem more capable of facing shocks.
    The report expected that the pace of economic growth in the Arab countries would improve in 2024, to record about 4 percent, an improvement due to expectations of stability in oil and commodity prices, and tight control over inflation.
    He pointed out that the main oil-exporting Arab countries will benefit from the improvement in energy price levels, as this is expected to have positive effects on the economic growth of these countries during the years 2023 and 2024, and that the group of major oil-exporting countries will witness a growth rate of 3.4 percent in 2023, which will improve to 4.2 percent in 2024.
    The report indicated that the outlook for the Gulf countries in 2023 is still more optimistic, as it is expected that the gross domestic product will grow by 3.4 percent in 2023, especially in light of the Gulf economies’ tendency towards more diversification, indicating that the stability of oil prices is at levels Relatively high, would translate into increased oil revenues, and could lead to increased fiscal benefits, foreign exchange reserves, and a stronger public fiscal position.
    According to the Fund's expectations, Saudi Arabia will return to the fore in 2024, when it will record a growth of 5.7 percent, compared to 3.3 percent in the UAE.
    He predicted that Algeria, Iraq, Yemen and Libya, which depend on oil exports, would witness moderate growth of 4.2 percent on average during 2023.
    The report pointed out that one of the other paths defining the growth prospects in the GCC countries is the group's focus on nationalizing the workforce in the private sector, and raising the rate of participation of citizens as part of the workforce, especially in the UAE, Saudi Arabia and Bahrain.
    The Arab Monetary Fund report expected that the group of oil-importing Arab countries would achieve a growth rate of 3.1 percent in 2023, rising to 4 percent in the next year 2024, with control of the inflation wave at the end of this year, and the easing of strict monetary policies.
    In detail, growth in 2023 ranges between 3.7 percent in Egypt and 3 percent in Morocco. Lebanon is also expected to witness positive growth for the first time in 6 years, to record 2.1 percent after a decline of 6.1 percent in 2022.
    According to the report, international organizations' forecasts for global economic growth, issued at the beginning of 2023, ranged between 1.7 and 2.9 percent for 2023, and between 2.7 and 3.1 percent for 2024.
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