In a report on the Middle East and North Africa, the World Bank stated that inflation in food prices in the Arab region this year will lead to a slowdown in growth to 3 percent, compared to 5.8 percent last year. The bank thus lowered its growth forecast for the region after previously publishing estimates in October of 3.5 percent growth in 2023. The report expects oil-exporting countries to witness a slowdown in growth, but there is still a large gap between high-income countries and the rest of the countries in the region. Real GDP per capita growth, which is a better proxy for living standards, is expected to slow to 1.6 percent in 2023 from 4.4 percent in 2022.
Source (Al-Arabiya.net Website, Edited)
