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The World Bank expects Iraq's economy to grow by this date
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Economy News - Baghdad
The World Bank expects the Middle East and North Africa economy to grow by 2.8% in 2024 and 4.2% in 2025, due to the gradual increase in oil production and improved activity since the last quarter of 2024.
Expectations for 2024 are lower compared to what was expected in January, and this reflects the impact of extending oil production cuts on the ongoing conflict in the region, according to what the bank stated in its latest issue of the Global Economic Prospects report.
In Saudi Arabia, non-oil activities are expected to support growth rates in 2024, and the gradual resumption of oil activity is expected to lead to increased growth in 2025, according to the report.
In non-GCC oil exporting countries, the expected recovery in the oil sector in 2025 will help boost growth in Algeria and Iraq.
As for oil importing countries, the growth rate is expected to increase in 2024 to 2.9% and then to 4% annually in 2025-2026.
In Egypt, the growth rate is expected to increase due to investment growth, which was partially stimulated by the major deal concluded with the Emirates (Ras El Hekma), according to the report.
Growth is expected to remain stable in Jordan, although tourism-related activities will suffer in the short term.
In Tunisia, growth is expected to rebound, but activity in Djibouti and Morocco is expected to decline in 2024.
The economy of the West Bank and Gaza Strip is supposed to contract by at least another 6.5%, with the possibility of a contraction of up to 9.4%, in 2024.
In Syria and Yemen, the prospects appear not promising and shrouded in uncertainty due to the ongoing conflict, incidents of violence and internal unrest, and tensions in the Red Sea.
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Added 06/12/2024 - 10:23 AM
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Economy News - Baghdad
The World Bank expects the Middle East and North Africa economy to grow by 2.8% in 2024 and 4.2% in 2025, due to the gradual increase in oil production and improved activity since the last quarter of 2024.
Expectations for 2024 are lower compared to what was expected in January, and this reflects the impact of extending oil production cuts on the ongoing conflict in the region, according to what the bank stated in its latest issue of the Global Economic Prospects report.
In Saudi Arabia, non-oil activities are expected to support growth rates in 2024, and the gradual resumption of oil activity is expected to lead to increased growth in 2025, according to the report.
In non-GCC oil exporting countries, the expected recovery in the oil sector in 2025 will help boost growth in Algeria and Iraq.
As for oil importing countries, the growth rate is expected to increase in 2024 to 2.9% and then to 4% annually in 2025-2026.
In Egypt, the growth rate is expected to increase due to investment growth, which was partially stimulated by the major deal concluded with the Emirates (Ras El Hekma), according to the report.
Growth is expected to remain stable in Jordan, although tourism-related activities will suffer in the short term.
In Tunisia, growth is expected to rebound, but activity in Djibouti and Morocco is expected to decline in 2024.
The economy of the West Bank and Gaza Strip is supposed to contract by at least another 6.5%, with the possibility of a contraction of up to 9.4%, in 2024.
In Syria and Yemen, the prospects appear not promising and shrouded in uncertainty due to the ongoing conflict, incidents of violence and internal unrest, and tensions in the Red Sea.
Views 60
Added 06/12/2024 - 10:23 AM
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