Baghdad The World Bank expected that Iraq will witness the highest economic growth among the Arab countries during the years 2022 and 2023, while an expert confirmed that the country is still a rentier economy.
The bank said in a report for the current month of January, “It is expected that Iraq will witness the highest economic growth among the Arab countries and the State of Iran during 2022, at 7.3 percent, up from 2.6 percent in 2021, after this growth decreased to -15.7 percent in the year 2020, noting that “it is expected that economic growth in Iraq will remain higher than the rest of the Arab countries for the year 2023 despite its decline to reach 6.3 percent.”
The bank added, “The economic growth of Saudi Arabia in 2022 is expected to be 4.9 percent, Qatar 4.8 percent, Kuwait 5.3 percent, Egypt 5.5 percent, UAE 4.6 percent, Bahrain 3.2 percent, Tunisia 3.2 percent, Jordan 2.3 percent, and Algeria.” 4.1%, Iran 2.4%, Djibouti 4.3%, Oman 3.4% and Algeria 2%.
While the bank did not indicate its expectations for Lebanon and Libya due to the lack of clear economic indicators for it, noting that “economic growth declined in Lebanon in the year 2021 to -10.5 percent, and economic growth in Libya rose in the same year to 78.2 percent.”
The World Bank raised its forecast for the economic growth rate for the Middle East and North Africa region, in conjunction with the recovery of sectors that have been severely affected since the outbreak of the pandemic, coinciding with the rise in oil prices and the easing of monetary policies.
The World Bank expected growth in the Middle East and North Africa to accelerate to 4.4% in 2022, after raising expectations issued in June 2021, with the region’s economy growing by 3.4% in 2023, with the recovery of sectors that depend on communication, and the decline in oil production, as well as the facilitative policy environment in general.
Source: National Iraqi News Agency