Iran Press/ Iran news: In its recent report on the economic situation of the Middle East and North Africa (MENA), the World Bank significantly revised Iran's economic growth for 2022. In October 2022, the World Bank announced Iran's economic growth for that year at 2.9%.
The report highlights improvements in Iran's trade balance, which increased from 3.5% of GDP in 2022 to 4.8% of GDP in 2023. This figure was -3.1% in 2021.
Additionally, the government's financial balance is expected to improve from -1.9% in 2022 to -1.6% this year. In 2021, this figure stood at -3.2%, indicating a positive trend over the past three years.
The report also predicts a decrease in Iran's inflation rate, estimating it to be 42.6% this year compared to last year's rate of 46.5%. It is further expected to reach 35.8% next year.
While the Middle East and North Africa region experienced a growth rate of 6% in 2022 due to increased oil and gas prices, this figure has dropped to 1.9% this year.
Furthermore, oil-exporting countries have seen a decline in their economic growth from last year's rate of 6.2% to just 1.5% this year. Saudi Arabia, which had an impressive growth rate of 8.7% last year, is projected to enter a recession with an economic growth rate of -0.9% this year. Iraq, which experienced 7% growth last year, will also enter a recession with an estimated economic growth rate of -2.3%.
On the other hand, several countries in the region are expected to experience positive growth rates, including Qatar (2.8%), UAE (3.4%), Bahrain (2.8%), Kuwait (0.8%), Oman (1.4%), Algeria (2.1%), Egypt (4.2%), Tunisia (1.2%), Jordan (2.6%), Morocco (2.8%), West Bank and Gaza (3.2%), and Djibouti (4.7%).
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