The World Bank predicted a sharp slowdown in economic growth for the Middle East and North Africa (MENA) region in 2023, to 1.9 percent, compared to 6 percent growth the previous year.
The bank expects the decline in growth in the Middle East and North Africa (MENA) region this year to be more pronounced in oil-exporting Gulf Cooperation Council (GCC) countries. The IMF estimated that real GDP growth for Gulf countries would be only 1 percent in 2023, down from 7.3 percent in 2022, as a result of lower oil production and lower oil prices.
For oil importers in the region, the report showed that global financial conditions and high inflation continue to hamper economic activity. He predicted that the growth rate of oil-importing countries will be about 3.6 percent this year, down from 4.9 percent in 2022.
Source (Anadolu Agency, Edited)
