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World Bank Tokyo Online Morning Seminar #194 “Middle East and North Africa Economic Update, April 2024: Conflict and Debt in the Middle East and North Africa”

June 14, 2024
Tokyo, Japan

The World Bank’s new Middle East and North Africa Economic Update, entitled Conflict and Debt in the Middle East and North Africa, shows that lackluster growth, rising indebtedness and heightened uncertainty due to the conflict in the Middle East are impacting economies across the region.

According to the report, MENA economies are expected to return to low growth akin to the decade prior to the pandemic. MENA’s gross domestic product (GDP) is forecast to rise to 2.7% in 2024, which is a tepid increase from 1.9% in 2023. As in 2023, oil importing and oil exporting countries are likely to grow at less disparate rates than 2022, when higher oil prices boosted growth in oil exporters. For Gulf Cooperation Council (GCC) countries, the 2024 growth uptick reflects expectations of robust non-oil sector activity and fading out of oil production cuts towards the end of the year. GDP growth in almost all oil importing countries is expected to decelerate.

The report looks at the economic impact of the conflict in the Middle East on the region. Economic activity in Gaza has come to a near standstill. The GDP of the Gaza strip dropped by 86% in last quarter of 2023. The West Bank has plunged into a recession, with simultaneous public and private sector crises. A recent World Bank report goes into further depth on damages to the Gaza Strip and catastrophic impacts on the people of Gaza.

At this online seminar, Federico Bennett, Economist, Office of the Chief Economist for Middle East and North Africa, Gianluca Mele, Lead Country Economist and Program Leader for West Bank and Gaza, Middle East and North Africa Region, and Hoda Assem, Economist, Office of the Chief Economist for Middle East and North Africa Region, will share the main findings of the report.  This online seminar will be conducted in English, without interpretation into Japanese.

Date/Time:

8am-9am, Friday, June 14, 2024 (Japan Standard Time)

Speakers:

Federico Bennett
Economist, Office of the Chief Economist for Middle East and North Africa, World Bank

Gianluca Mele
Lead Country Economist and Program Leader for West Bank and Gaza, Middle East and North Africa Region 

Hoda Assem
Economist, Office of the Chief Economist for Middle East and North Africa Region 

Presentation Material

MENA Economic Update, April 2024: Conflict and Debt in the Middle East and North Africa (PDF)

 

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World Bank Group Morning Seminar

EVENT DETAILS

  • DATE/TIME: 8am-9am, Friday, June 14, 2024 (JST)
  • FORMAT: Online (Youtube) *No registration is required
  • LANGUAGE: English (no interpretation to Japanese)
  • CONTACT: Koichi Omori, World Bank Tokyo Office 
  • komori@worldbankgroup.org