Russia-Ukraine war propels global downturn
This is going to be a terrible year for the global economy.
The World Bank Global Economic Outlook, released last week, foresees a tilt toward recession, driven in part by the Ukraine war and a related downturn in the US and Europe, which are projected to be drags on, rather than engines of, growth.
Growth forecasts (by the numbers):
While China and the Middle East and North Africa (MENA) fare better than the West in the bank’s score, the overall outlook is glum, or we should say more glum than just six months ago. David Malpass, the World Bank president, said that the coming year will be “particularly devastating” for the poorest countries, including those in the Middle East, burdened by the lingering effects of the COVID-19 pandemic, as well as inflation, debt, and energy and food supply disruptions.
In addition, Western investment and development funds usually slotted for poor countries are being siphoned off to support Ukraine, which will likely also get the lion’s share of assistance when the war ends.
While Middle East oil producers should muddle through, coming off a boom year in 2022, the region’s fragile states and economies — including Lebanon, Tunisia, Jordan — and those burdened by conflict — including Syria, Yemen, Libya, as well as the West Bank and Gaza — may edge toward crisis or even collapse.
Five economic trends we are tracking for 2023, which you may be missing, if you’re not reading Al-Monitor Pro:
Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.
Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.
Free newsletters available:
- The Takeaway & Week in Review
- Middle East Minute (AM)
- Daily Briefing (PM)
- Business & Tech Briefing
- Security Briefing
- Gulf Briefing
- Israel Briefing
- Palestine Briefing
- Turkey Briefing
- Iraq Briefing
Join the Middle East’s most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.
We also offer team plans. Please send an email to firstname.lastname@example.org and we’ll onboard your team.
Memos – premium analytical writing: actionable insights on markets and geopolitics.
Live Video Q&A – Hear from our top journalists and regional experts.
Special Events – Intimate in-person events with business & political VIPs.
Trend Reports – Deep dive analysis on market updates.
All premium Industry Newsletters – Monitor the Middle East’s most important industries. Prioritize your target industries for weekly review:
Already a Member? Sign in
Middle East defense and security in your inbox
Join the Middle East’s top business and policy professionals to access exclusive PRO insights today.
© 2021 Al-Monitor, LLC. All rights reserved.