Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Arab Monetary Fund Expects Arab Economies to Grow 4% in 2024

Sun 04 Jun 2023 | 07:10 AM
Taarek Refaat

The Arab Monetary Fund expected that the growth rate of Arab economies in 2023 would be about 3.4%, and that the expected pace of economic growth for Arab countries in 2024 would improve to 4%, according to RT.

According to a report published on the Arab Monetary Fund website, under the title: “Prospects for the Arab Economy,” including expectations of the economic performance of the Arab countries during the years 2023 and 2024, it is expected that the growth rate of the Arab economies in 2023 will reach about 3.4%.

He also expected an improvement in the pace of expected economic growth for the Arab countries in 2024 to record about 4.0%, driven by the recovery of global growth, low interest rates, and the continued implementation of development plans.

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

Regarding the reform priorities in the public finance sector for policy makers in the Arab countries during the next two years, the report stressed that they include reviewing tax rates and rationalizing tax exemptions with regard to public revenues, reviewing support policies and strengthening social protection networks with regard to public expenditures.

On the other hand, he pointed out that the most important issues and topics of priority for central banks and Arab monetary institutions during the next two years include developing frameworks and tools for managing monetary policy, strengthening the target range for the exchange rate, digital transformation (adopting modern financial technologies), and continuing development in macro-prudential policies.