According to the most recent economic update from the World Bank, economies in the Middle East and North Africa (MENA) are predicted to grow more slowly in 2023 as pressure from double-digit food inflation increases on poorer households. It also predicted that the effects of food insecurity might last for generations. The Middle East and North Africa’s GDP is expected to decline to 3.0 percent in 2023 from 5.8 percent in 2022, according to a report titled “Altered Destinies: The Long-Term Effects of Rising Prices and Food Insecurity in the Middle East and North Africa.” Slower growth is expected for oil exporters, who profited from a windfall in 2022, but a significant gap still exists between high-income countries and the rest of the region. Real GDP per capita growth, a more accurate indicator of living standards, is anticipated to decrease from 4.4 percent in 2022 to 1.6 percent in 2023. However, the World Bank stated that their predictions do not take into account the impact of the unexpected OPEC+ oil output cuts that were announced on Sunday, which increased oil prices and price expectations. The report’s statistics were compiled before…
World Bank Predicts Double-Digit Food Inflation in MENA This Year
April 9, 2023
