Oil revenues help boost MENA economic growth

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  • Economic growth in the MENA region is forecast to accelerate to 5.3% in 2022 before slowing to 3.6% in 2023, according to the World Bank. Click for the country-wise breakup.
  • The global growth, meanwhile, is expected to slump from 5.7% in 2021 to 2.9% in 2022— significantly lower than 4.1% that was anticipated in January, it added.

Economic growth in the MENA region is forecast to accelerate to 5.3% in 2022 before slowing to 3.6% in 2023, according to the latest World Bank report.

The global growth, meanwhile, is expected to slump from 5.7% in 2021 to 2.9% in 2022— significantly lower than 4.1% that was anticipated in January, it added.

The current rebound in Mena is due mainly to strong growth in oil exporters boosted by rising oil revenues and a general waning of the pandemic’s adverse impacts in highly vaccinated countries, the World Bank’s latest Global Economic Prospects report has highlighted.

GCC economies are forecast to grow by 5.9% in 2022, 1.2 percentage points higher than forecast at the start of the year.

Here is the country-wise breakup of the economic growth in the region.

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