Iraq is the eighth Arab country with the fastest growing economy in 2023


Iraq is the eighth Arab country with the fastest growing economy in 2023

October 31, 2022 

Baghdad / Obelisk: The International Monetary Fund  ‘s report on growth prospects for the Middle East and Central Asia showed surprising expectations for the next year, which included the 10 fastest growing Arab economies in 2023.

After Iraq ranked first in the ranking of the fastest growing Arab countries during 2022, with an expected growth of 9.3%, followed by Saudi Arabia as the fastest growing country within the Group of Twenty with a growth of 7.6%, the status of the list changed completely for the next year.

The report revealed that Libya, which is expected to achieve a contraction of 18.5% during 2022 in its gross domestic product, will be the fastest growing among the economies of Arab countries, as the International Monetary Fund expects to achieve a growth of 17.9% during 2023.

Djibouti ranked second with an expected growth of 5% for the year 2023, compared to a growth of 3.6% for the year 2022, followed by Mauritania in the third place, with an expected growth rate of 4.8% for the year 2023, and only 4% for the current year.

Egypt ranked fourth among the 10 fastest growing Arab countries during 2023, with a growth of 4.4%, after it ranked third in the Fund’s expectations for the current year, with a growth of 6.6%.

The International Monetary Fund expected the UAE economy to achieve a growth rate of 4.2% in 2023, after a growth of 5.1% in 2022.

The Sultanate of Oman ranked seventh in the ranking, with an expected growth rate of 4.1% for the year 2023, and 4.4% in 2022, followed by Iraq, which took the lead last year in eighth place in the Arab world, with an expected growth rate of 4% in 2023, compared to 9.3% in 2022.

The International Monetary Fund expected that the growth rate of the Saudi economy would fall to 3.7% from record levels of 7.6% expected for the current year.

It is noteworthy that the Kingdom revealed in a report on Monday the growth rate of the third quarter, which recorded 8.6%.

The report expected Palestine to occupy the tenth place among the economies of Arab countries in terms of the expected growth rate for the year 2023, with a growth of 3.5%, while the report did not clarify the expected growth rate for the economies of Lebanon and Syria.

The Fund expected that the overall growth rate of the economies of Arab countries will reach 3.9% in 2023, compared to 5.4% in 2022.


العراق الثامن عربيا بأسرع الاقتصادات نموا في 2023

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One thought on “Iraq is the eighth Arab country with the fastest growing economy in 2023

  1. Praying for All Iraq And Your Country, May God Richly Bless You And Your Nation, With Wisdom And Kindness Of Heart, For All The Iraq Peoples. God Bless Linda From Texas.

    Like

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