By the end of 2023, only 8 of 15 MENA economies will have returned to pre-pandemic real GDP per capita levels. By this measure, growth across the region is forecast to decrease from 4.3% in 2022 to 0.4% in 2023. Improvements in livelihoods is best shown by changes in per capita income. These results signal the end of the "tale of two MENAs" from 2022, in which the region's oil exporters were growing much faster than the oil importers. Growth there is projected at 3.6% in 2023, down from 4.9% in 2022. Among the oil importing countries in MENA, the tightening of global financial conditions and high inflation continue to constrain economic activity. In developing oil exporting countries, growth is forecast to decline from 4.3% in 2022 to 2.4% in 2023. Real GDP growth in these countries is forecast at 1% in 2023, down from 7.3% in 2022 as a result of lower oil production and reduced oil prices. Titled " Balancing Act: Jobs and Wages in the Middle East and North Africa When Crises Hit," the report says that the decline in growth in MENA this year is expected to be more pronounced in the oil-exporting countries of the Gulf Cooperation Council (GCC). The region's gross domestic product (GDP) is forecast to plummet to 1.9% in 2023 from 6% in 2022, due to oil production cuts amidst subdued oil prices, tight global financial conditions, and high inflation, according to the latest issue of the World Bank MENA Economic Update (MEU). WASHINGTON, OctoGrowth of the economies in the Middle East and North Africa (MENA) is expected to fall sharply this year. Over five million jobs lost due to economic shocks in the last three years
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