World Bank forecasts have indicated that Egypt and Saudi Arabia are set to surpass the United States and the Eurozone in terms of economic growth in the current year, 2023.
The World Bank has predicted that Saudi Arabia’s economy will grow by 2.2% in 2023, and by 3.3% in the following year, 2024, while expecting a growth of 2.5% in 2025.
As for Egypt, the Bank forecasts an economic growth of 4% this year, maintaining the same growth rate (4%) for the following year 2024, and anticipating an increase to 4.7% in 2025.
Regarding the major economies, the World Bank projected that the American economy will grow by 1.1% in 2023, while the Eurozone’s economy is expected to experience growth of 0.4% in the current year.
In a report released yesterday, the Bank stated that global growth has witnessed a sharp slowdown and that the risks of financial pressures in emerging market economies and developing economies are intensifying amid rising global interest rates.
The World Bank further indicated that global growth is expected to slow down from 3.1% in 2022 to 2.1% in 2023.
According to the World Bank’s projections, the Asia-Pacific region will be the engine of global economic growth in 2023. It predicts growth in China’s economy of 5.6%, Indonesia’s at 4.9%, and India’s at 6.3%.
