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Economy News - Baghdad
The World Bank lowered its expectations for the growth of the economies of the Middle East and North Africa region during the current year by 1.3 percent to 2.2 percent, compared to its previous expectations in January, but it raised its expectations for the economies of the region during 2024 by 0.6 percent to 3.3 percent, and these expectations are much lower than the growth it achieved. These economies in 2022, which amounted to 5.9 percent.
In its Global Economic Prospects report, the World Bank attributed this decline, saying that the Middle East and North Africa region began 2023 with steady but slow growth.
He added that the oil-exporting countries, which witnessed high growth rates over ten years, and low unemployment rates during the past year, announced cuts in their oil production, and that oil-importing countries faced several challenges, most notably high inflation rates, with growth slowing significantly in 2023.
The World Bank said that with the fading of the recovery that oil-exporting countries enjoyed as a result of high oil prices and the decline in global demand for it, growth in oil production slowed rapidly from high rates recorded in late 2022.
In general, the bank expected the growth rate in oil-exporting countries to slow to 2.0 percent in 2023, which is a significant decrease from what was expected only six months ago, before recovering to 3.2 percent in 2024.
The bank also said that oil-importing economies witnessed the continuation of negative conditions until 2023, as average consumer price inflation reached levels not seen in more than ten years during the first half of the year.
Added 06/06/2023 - 8:33 PM
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