World Bank sees economic growth in Middle East, North Africa slowing to 1.9% in 2023

Business 6 October 2023 10:35

The Middle East and North Africa (MENA) region is expected to see its economic growth slow to 1.9% this year, the World Bank said Thursday. CE Report quoting Anadolu Agency

"MENA enjoyed extraordinarily rapid growth in 2022, boosted by the surge in oil prices," the institution said in its report titled “Balancing Act: Jobs and Wages in the Middle East and North Africa When Crises Hit.”

The region saw an economic growth rate of 6% in 2022, which was driven by oil exporters in MENA, especially the member countries of the Gulf Cooperation Council (GCC), which grew more rapidly than and pulled ahead of oil importers, it noted.

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World Bank sees economic growth in Middle East, North Africa slowing to 1.9% in 2023

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