In its latest report on the economic situation of the MENA region, the World Bank has predicted that the region will experience three percent economic growth in 2023.
This is while the average economic growth of 18 countries in the Middle East and North African region in 2022 had reached 5.8 percent.
The World Bank also said that the oil exporting countries of the region will experience a worse situation in 2023 and it is expected that the average economic growth of oil exporting countries of the MENA region will face a 55 percent decline in 2023.
The average economic growth of these countries had been put at 6.1 percent in 2022.
Saudi Arabia and Kuwait will experience the sharpest drop in economic growth in 2023, the World Bank added.
Qatar, the United Arab Emirates (UAE), Oman, Iraq, Algeria, Egypt, Tunisia, Jordan, Morocco, Djibouti, Palestine and Iran are the other countries of the MENA region that will experience lower economic grwoth in 2023 as compared to a year earlier, the World Bank added.