IMF Expects Gradual Decline in Inflation in Middle East, North Africa

The International Monetary Fund (IMF) expected inflation to gradually decline in the Middle East and North Africa region with the stability of commodity prices and the emergence of the effects of tightening fiscal monetary policies.

Kristina Georgieva, Director-General of the IMF, stressed that global growth is still weak, but it may be witnessing a turning point at the present time.

She added, during her speech at the Seventh Public Finance Forum in the Arab Countries, as part of the activities of the introductory day for the World Government Summit 2023, “After growth rose by 3.4 percent last year, we see it now declining to 2.9 percent during 2023, to record a slight improvement in 2024, as it reaches to 3.1 percent.”

Georgieva affirmed that combating inflation remains a priority in 2023, noting that the countries of the Gulf Cooperation Council continued to contain inflation.

She continued: “On the positive side, we are currently witnessing a decline in inflation from 8.8 percent in 2022 to 6.6 percent this year, and 4.3 percent in 2024.”