World Bank Forecasts 2.2% Growth for Middle East and North African Economies
The World Bank has recently released a report titled “Growth in the Middle East and North Africa,” shedding light on the economic challenges faced by the region.
According to the report, the economies of the Middle East and North Africa have struggled to keep pace with global growth, with the average per capita income in the region only increasing by 62 percent over the past 50 years. The report attributes this sluggish growth to ongoing conflicts in the region, stating that uncertainties have hindered progress.
Despite this, the report predicts a modest growth rate of 2.2 percent for the regional economy this year, with the Gulf Cooperation Council (GCC) countries leading the way. The report anticipates an increase in growth from 0.5 percent in 2023 to 1.9 percent in 2024 for these countries.
However, the report issues a stark warning regarding the economic situation in Palestinian territories, stating that they are on the brink of economic collapse. Gaza’s economy saw an 86 percent contraction in the second quarter of this year, while the West Bank also experienced a significant decline due to mobility restrictions, decreased consumption, and financial crises.
The report highlights the uncertain economic outlook in conflict-affected countries like Lebanon, as well as neighboring nations such as Jordan and Egypt, which have been impacted by decreases in tourism and financial revenues.
Overall, the report underscores the urgent need for stability, peace, and economic reforms in the Middle East and North Africa in order to promote sustainable growth and prosperity in the region.
