The World Bank revealed, in a recent report issued by it, that Lebanon was the country with the most decline in its GDP in the Middle East countries, by 19.2 percent in 2020, expecting the decline in Lebanon's GDP to remain at 13.2 percent during the current year 2021.
The World Bank expected that Iraq's gross domestic product would rise to more than 7 percent during the year 2022. Disclosing that Iraq's GDP is expected to rise to 2 percent in 2021 and to 7.3 percent in 2022, revealing that Iraq's GDP will drop by 2 percent. 9.5 percent in 2020, up from 4.4 percent in 2019.
The World Bank predicted that Iraq's gross domestic product would rise to more than 7 percent during 2022, revealing that Iraq's GDP is expected to rise to 2 percent in 2021 and to 7.3 percent in 2022, the bank revealed a decrease in Iraq's GDP by 9.5 percent in 2020, after it had increased by 4.4 percent in 2019.
The bank stated, "Egypt is the only country whose GDP has not been affected in 2020, to increase by 3.6 percent. Economic activity among oil-exporting countries is expected to recover by 1.8 percent this year, with support for the return of oil demand to normal, the planned mitigation to reduce oil production in "OPEC +" countries, policy support and the gradual easing of domestic restrictions related to the pandemic. "
In parallel, the World Bank revealed that the Covid-19 pandemic has pushed 115 million people in the world into extreme poverty in 2020, expecting that the situation will include an increasing number of urban residents.
According to the World Bank, the extreme poverty rate will rise for the first time in more than twenty years. During the current year 2021, this number may reach 150 million people who live at 1.90 dollars a day, less than the price of a cup of coffee in a developed country. Bank projections showed that an increasing number of urban residents will plunge into extreme poverty, while this situation usually afflicts people in rural areas.
Source (Economic Bulletin Website, Edited)
