Economic growth in the Mena region is predicted to accelerate by 4.4% according to the latest Global Economic Prospects report from the World Bank.
This growth is then forecast to slow to 3.4% in 2023.
The report puts the region’s growth slightly ahead of the global average of 4.1% for 2022 and 3.2% for the following year.
One reason cited for the accelerated growth is a rise in oil and natural gas prices as well as an increase in production. This is expected to especially benefit Saudi Arabia and Iraq where output is set to rise by 7.3% in 2022.
Non-oil activity is also expected to benefit from increased investment and riising vaccination rates following the disruption from Covid.
The report does also warn that the developing world’s economic recovery could be threatened by a slowdown in the global economy as a result of rising debt, inflation and income inequality.
©2022 funds global mena