The Monetary Fund: Growth in the Middle East and North Africa will slow to 3.1% in 2023
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According to the International Monetary Fund, GDP growth in the Middle East and North Africa region will slow to 3.1% in 2023, down from 5.3% in 2022, due to strict policies to restore macroeconomic stability, the agreed production cuts in OPEC+, and the fallout from The recent deterioration in global financial conditions. Non-hydrocarbon sector activities will be the main growth sector. Saudi Arabia recorded GDP growth of 8.7% in 2022, the highest among G20 countries, as high oil prices boosted government revenues by 31%, resulting in its first fiscal surplus in nearly a decade.