The economy is projected to grow by 2.8 percent in 2023, as economic conditions are expected to improve following a prolonged drought and rising commodity prices throughout 2022. Multiple shocks have contributed...
Type: BriefReport#: 181386Date: April 1, 2023Author:
World Bank
A rebased GDP and the methodological changes to tourism’s contribution, indicated growth was 8.8 percent in 2022, and will moderate to 3.8 percent in 2023, driven by tourism and fisheries, household consumption,...
Type: BriefReport#: 181384Date: April 1, 2023Author:
World Bank
GDP growth is projected to decelerate in 2023 despite a strong tourism season, as the solid post-pandemic recovery phase comes to an end and a sizeable drought affects primary production and related activities....
Type: BriefReport#: 181321Date: April 1, 2023Author:
World Bank
A combination of improving hydrocarbon sector outturns and growth in the non-oil sectors drives economic expansion in Iran. Water and electricity shortages, insufficient job creation, and high inflation...
Type: BriefReport#: 181414Date: April 1, 2023Author:
World Bank
Inflation is eroding incomes and constraining business activity. Growth is expected to decline to 4.0 percent in FY23 from 6.6 percent in FY22. Improvements in reserves reflect increases in tourism, Suez...
Type: BriefReport#: 181413Date: April 1, 2023Author:
World Bank
The lingering impact of the 2021 riots along with a local outbreak of COVID-19 and Russia’s invasion of Ukraine resulted in a deep recession. However, the economy will start to recover in 2023 and 2024...
Type: BriefReport#: 181340Date: April 1, 2023Author:
World Bank
Amid persistent macroeconomic instability, the economic recovery will be gradual and remain vulnerable to further shocks. Economic growth is expected to reach 3.9 percent in 2023, mostly driven by the...
Type: BriefReport#: 181333Date: April 1, 2023Author:
World Bank
Robust terms of trade and private consumption boosted growth and reduced poverty in 2022. Elevated inflation triggered a cycle of monetary policy tightening. Commodity windfalls and subsidy adjustments...
Type: BriefReport#: 181332Date: April 1, 2023Author:
World Bank
Following the strong performance in 2022, economic growth is expected to taper off in 2023 driven by stagnant oil production, as part of OPEC+ agreed production schedule. Inflation remains contained supported...
Type: BriefReport#: 181434Date: April 1, 2023Author:
World Bank
Economic growth was steady at 4.3 percent in 2022, driven by improved agriculture production, public consumption, and infrastructure investments. Downside risks to the positive medium-term outlook stem...
Type: BriefReport#: 181365Date: April 1, 2023Author:
World Bank
GDP growth slowed to 2.5 percent in 2022 (-0.1 percent per capita) as insecurity led to the closure of several gold mines and high food prices drove inflation to a region-high 14.1 percent; poverty incidence...
Type: BriefReport#: 181349Date: April 1, 2023Author:
World Bank
Growth rebounded to 15 percent in 2022, with real per capita incomes surpassing pre-pandemic levels, driven by the recovery of tourism. Russia’s invasion of Ukraine intensified inflation pressures, which...
Type: BriefReport#: 181351Date: April 1, 2023Author:
World Bank
GDP growth slowed to 2.5 percent in 2022 (-0.1 percent per capita) as insecurity led to the closure of several gold mines and high food prices drove inflation to a region-high 14.1 percent; poverty incidence...
Type: BriefReport#: 181349Date: April 1, 2023Author:
World Bank
Economic recovery, supported by continued fiscal reforms, is expected to help Grenada return to the Fiscal Responsibility Act in 2023, after a three-year suspension. However, risks to the economic outlook...
Type: BriefReport#: 181307Date: April 1, 2023Author:
World Bank
DRC’s economy grew by 8.6 percent in 2022 as mining production expanded. Elevated prices of imported food and oil led to higher inflation and a wider current account deficit despite rising exports. Capital...
Type: BriefReport#: 181356Date: April 1, 2023Author:
World Bank
GDP growth slowed to an estimated 0.4 percent in 2022, partly reflecting the impact of inflationary pressures on domestic demand and weak performance in agriculture. The fiscal deficit increased between...
Type: BriefReport#: 181361Date: April 1, 2023Author:
World Bank
After a strong rebound in 2021, real growth moderated to 6 percent in 2022.Inflation remained subdued at 2.5 percent due to a strong harvest season and measures to partially offset import price pressure...
Type: BriefReport#: 181347Date: April 1, 2023Author:
World Bank
Although Ecuador has significantly reduced macroeconomic imbalances in recent years through a sustained fiscal consolidation and a series of trade surpluses. A polarized political and social context continues...
Type: BriefReport#: 181304Date: April 1, 2023Author:
World Bank
In Serbia, growth decelerated in the second half of the year to an average of 2.3 percent in 2022, largely driven by private consumption. However, real disposable incomes are shrinking with still rising...
Type: BriefReport#: 181327Date: April 1, 2023Author:
World Bank
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