World Bank upgrades Mena growth forecast to 2.4% in 2021

SourceThe National
SectorEconomy
CountryMiddle east

The Middle East and North Africa’s gross domestic product is expected to grow 2.4 per cent in 2021, as higher crude prices and the roll out of vaccines drive recovery in oil-exporting countries, according to the World Bank.

The recent projection is 0.3 percentage points higher than initially forecast in January, the Washington-based lender said in its latest Global Economic Prospects report on Wednesday.

“The region should benefit from the recent rebound in oil prices, stronger external demand and less economic disruptions from Covid-19 outbreaks,” the report said.

Growth in Mena’s economies is expected to accelerate to 3.5 per cent in 2022

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