IMF says Mideast, North Africa economies resilient in 2022

By MALAK HARB
Associated Press

DUBAI, United Arab Emirates (AP) — The International Monetary Fund says the economies of Middle Eastern and North African countries were resilient in 2022, but double-digit inflation is expected to slow growth in the region next year. The IMF on Monday forecast GDP growth for countries in the region at 5% in 2022 and 5.2% for oil-exporting countries, which are benefitting from the trade diversions caused by the war in Ukraine as some European nations look to replace their oil purchases from Russia. However, inflation is expected to remain in double digits in 2023 for the third consecutive year, driven by high food and commodity prices, which could slow growth in the region.