World Bank sees Saudi Arabia's economy contracting in 2023, MENA growth sharply lower

The World Bank has revised its growth forecast for Saudi Arabia, expecting the country's economy to contract by 0.9% in 2023. This is due to production cuts and lower oil prices. The overall growth forecast for the Middle East and North Africa (MENA) region has also been lowered to 1.9% in 2023. The World Bank's update attributes the decline in Saudi economic activity to lower oil production levels and subdued prices. The report raises concerns about future employment prospects for the region's young population. The GCC is also expected to see decelerated growth in 2023.

from International-News-Economic Times https://ift.tt/te7Z9FC

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