MENA region expected to witness economic drop in 2023, according to IMF official – Roya News English
- Date: 15-Apr-2023
- Source: Roya News
- Sector:Financial Services
- Country:Jordan
MENA region expected to witness economic drop in 2023, according to IMF official – Roya News English
IMF official praised the economic situation for the MENA region in 2022 but stressed that growth is projected to slow in 2023 due to tight policies.
“We estimate that the GDP grew by 5.3 percent, reflecting strong domestic demand and the rebound in oil production,” Jihad Azour, the Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF) said Thursday.
Growth is projected, however, to slow this year to “3.1 percent due to tight policies (designed) to restore microeconomic stability, agreed OPEC plus production cuts, and the fallout from the recent deterioration in global financial conditions,” he added.
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