The World Bank predicted that the economy of Iraq and Yemen will witness a remarkable recovery in the coming period and granted Iraq an economic growth of 2.8 percent this year, especially after the formation of the new government in Baghdad, compared with 0.6 percent in 2018, adding to that, the agreement on reconstruction will give Iraq's economy a strong boost according to the World Bank.
In parallel, the World Bank has predicted a rapid recovery in Yemen, if violence is contained, despite the continuing risks.
According to the World Bank report on the economic developments in the Middle East and North Africa, Saudi Arabia's Vision 2030, which was included in the 2019 budget, will significantly contribute to diversifying the Saudi economy and reducing the dependence on oil revenues in the public budget.
The World Bank predicted that GCC economic growth would reach 2.1 percent in 2019, up 0.1 percent from 2018. This was due to the reforms by the GCC countries to reduce their reliance on oil revenues, in addition to the Investments in the UAE's infrastructure in preparation for hosting the Expo in 2020.
Source (Asharq Al-Awsat newspaper, Edited)
