This edition of the World Bank MENA Economic Update estimates that the Middle East and North Africa (MENA) region’s economies will grow by 5.2% in 2022, the fastest rate since 2016. However, uncertainty reigns with the unpredictable course of the war in Ukraine and the scientific uncertainty about the evolutionary path of the virus that causes COVID-19. The economic recovery may be uneven as regional averages mask broad differences between countries. Oil producers may benefit from elevated energy prices along with higher vaccination rates for COVID-19, while fragile countries lag. Per capita GDP, which is a more accurate measure of people’s standard of living, barely exceeds pre-pandemic levels due to a lackluster performance for most countries in 2020-2021. If these forecasts materialize, 11 out of 17 MENA economies may not recover to pre-pandemic levels by the end of 2022.
Last Updated: Apr 20, 2022