Daily Management Review

World Bank expects record GDP growth in the Middle East


The World Bank forecast that the Middle East and North Africa (MENA area) economies will increase by 5.5% in 2022, the strongest rate since 2016.

Stephen Coles
Stephen Coles
According to an estimate provided by the WB on Wednesday, "the MENA economy is likely to increase by 5.5 percent this year, the quickest pace since 2016."

The report stated that "growth is nevertheless uneven across the area, as countries are still battling to overcome the COVID-19 pandemic's residual impacts and face new shocks from rising oil and food costs triggered by the conflict in Ukraine."

The U.S., China, and the euro zone's economies are all experiencing slowdowns as a result, according to the World Bank, who also observed that interest rates are rising globally.

The region's economic expansion in 2023 is expected to slow to 3.5%.

source: worldbank.org