Arab economies to grow 5% in 2022 amid higher oil prices and government support – The National

Arab economies to grow 5% in 2022 amid higher oil prices and government support – The National

Arab economies are expected to grow 5 per cent in 2022, driven by higher oil prices and production as well as due to an extension of government support that was provided to help economies recover from the coronavirus pandemic, according to the latest report from the Arab Monetary Fund.

Oil-exporting countries in the Arab world will expand 5.6 per cent this year, supported by 5.8 per cent growth in the GCC region. Meanwhile oil-importing countries are expected to record a moderate growth of 3.7 per cent “due to the challenges imposed by the global economic environment”, the Abu Dhabi-based AMF said in its Arab Economic Outlook report.

“The growth rate of Arab economies is expected to rise ... supported by the increase in oil production and its prices in international markets and the continuation of stimulus packages adopted in Arab countries whose accumulated value reached $396 billion during the period (2020-2022),” the AMF said.