The World Bank has revised its forecast for real GDP growth in the Middle East and North Africa region, predicting a return to the low growth rates that prevailed before the global pandemic. The bank expects the region to grow by 2.7% in 2024 and 4.2% in 2025, with varying growth trends among advanced economies, emerging market economies, and developing economies.
In terms of individual countries, the Gulf Cooperation Council (GCC) countries are expected to experience growth of 2.8% in 2024 and 4.7% in 2025, with Saudi Arabia and Kuwait predicted to grow by 2.5% and 2.8%, respectively. In contrast, expectations for other Arab countries are lower, with Egypt projected to grow by only 2.8%.
However, the ongoing conflict in the Middle East has had a devastating impact on the region’s economy, particularly in Gaza where tens of thousands of lives have been lost and more than half of the population has been displaced due to widespread food and water shortages. This has led to a humanitarian crisis with many Gazans facing starvation and poverty.
The conflict is taking place against a backdrop of a global economy that is experiencing slowing growth rates for the third year in a row following recovery from the Corona pandemic. Emerging market and developing economies are expected to grow by about 4.4% in 2023 and 3.9% in
