The global economy is teetering on the precipice. The IMF warns in its World Economic Outlook released last week that “more than a third of the global economy will contract this year or next, while the three largest economies—the United States, the European Union, and China—will continue to stall. In short, the worst is yet to come, and for many people 2023 will feel like a recession.”
Yet this grim situation is not replicated everywhere. The WEO notes that “growth in the Middle East and Central Asia is projected to increase to 5.0% in 2022, largely reflecting a favorable outlook for the region’s oil exporters.” Even with the IMF forecasting oil prices to drop in 2023, growth is still expected to average a decent 3.6%. (CONTINUED - 827 WORDS)
