Food Prices Impact Economic Growth in the Middle East and Africa in 2023

The World Bank announced today, Thursday, that inflation in the Middle East and North Africa, in the double digits in food prices, will lead to a slowdown in growth to three percent this year, compared to 5.8 percent last year. The bank prepared the report before the sudden cuts in oil production announced by the OPEC+ group, which led to an increase in oil prices as well as price forecasts. The World Bank indicated that its forecasts do not include any impact from this decision.