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Middle East, North Africa estimated to grow 2.7% in 2024, up from 1.9% in 2023

April 15, 2024 at 9:09 pm

People outside terminal building, Aeroporto Essaouira Mogador, Morocco, north Africa [Geography Photos/Universal Images Group via Getty Images]

Middle Eastern and North African economies are expected to grow 2.7 per cent in 2024, up from 1.9 per cent in 2023, according to the World Bank on Monday, Anadolu Agency reports.

“As in 2023, oil importing and oil exporting countries are likely to grow at less disparate rates than 2022, when higher oil prices boosted growth in oil exporters,” the financial institution said in a statement.

Gross domestic product (GDP) growth in almost all oil importing countries is expected to decelerate, it added.

The Bank said “lacklustre growth, rising indebtedness and heightened uncertainty due to the conflict in the Middle East are impacting economies across the region.”

In the Gaza Strip, which has been subject to an ongoing Israeli offensive for over six months, the institution said economic activity has come to a near standstill, as its GDP plummeted 86 per cent in the last quarter of 2023, noting that the Occupied West Bank has plunged into recession.

“The economic impact of the conflict on the rest of the region has remained relatively contained, but uncertainty has increased,” said the statement. “The shipping industry has coped with shocks to maritime transport by rerouting vessels away from the Red Sea, but any prolonged disruptions to routes through the Suez Canal could increase commodity prices regionally and globally.”

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