Arab Economies Predicted to Expand in 2023 and 2024 by the Arab Monetary Fund.

The Arab Monetary Fund expected the Arab economy to grow at around 3.4 percent in 2023, with the Arab economy expected to rise to 4 percent in 2024.

According to a report published on the Arab Monetary Fund website titled “Arab Economic Outlook”, which includes expectations for the economic performance of the Arab countries in 2023 and 2024, the growth rate of the Arab economy in 2023 is expected to reach approximately 3.4 percent.

He also expects Arab economic growth to improve to a record 4.0% in 2024 on the back of a recovery in global growth, low interest rates and continued development plans.

The report indicated that the rate of inflation in the Arab countries is expected to decline after excluding countries facing significant inflationary pressures, to 6.8% in 2023 and 6.3% in 2024.

In terms of public finance reform priorities for policy makers in the Arab countries over the next two years, the report highlights that these include reviewing tax rates and streamlining tax incentives on public revenues, reviewing support policies, and strengthening social safety nets on public expenses.

On the other hand, he pointed out that the most important issues and priority topics for central banks and Arab monetary and financial institutions over the next two years include the development of frameworks and tools for managing monetary policy, strengthening the target range of the exchange rate, digital transformation. (introduction of modern financial technologies) and further development of macroprudential policy.

Source: website Arab Monetary Fund

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