WAM
19 Sep 2022, 02:17 GMT+10
JEDDAH, 18th September, 2022 (WAM)- The Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdulrahman bin Abdullah Al-Hamidy, indicated that the global economy, per recent estimates by international financial institutions, will achieve a growth rate of about 3.2% in 2022 and 2.9% in 2023,
He made the remarks wile addressing the 46th Ordinary Session of the Council of Arab Central Banks and Monetary Authorities Governors hosted by the Kingdom of Saudi Arabia under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud
"Those estimates were relatively optimistic at the beginning of the year, amounting to about 3.5% and 4.4%, respectively, which reflects the state of uncertainty and what global developments will bring about and the possibility of the global economy entering a phase of so-called stagflation, given that fact that the latest estimates indicate a rise in the global inflation rate, to reach about 8.3% in 2022, and 5.7% in 2023 compared to an average of 3.2% and 4.7% in 2020 and 2021, respectively," he added.
He pointed out that per the estimates of the Arab Monetary Fund, the growth rate of Arab economies is expected to achieve 5.4% in 2022, compared to 3.5% in 2021, driven by many factors, namely the relative improvement in global demand levels, and the growth of the oil and gas sectors, and Arab governments continuing to adopt stimulus packages to support economic recovery. In the meantime, the pace of economic growth for Arab countries is expected to decline in 2023 to record about 4.0%, in line with the decline in the global economic growth rate, the expected decline in commodity prices, and the impact of the gradual withdrawal from expansionary fiscal and monetary policies that support the aggregate demand side.
Get a daily dose of Jamaican Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Jamaican Times.
More InformationNEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...
LONDON, U.K.: A little-known investment fund based in the United Arab Emirates has emerged as the most prominent public backer of U.S....
SAN FRANCISCO, California: Across the U.S., a growing number of people are taking obesity treatment into their own hands — literally....
SAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...
NEW YORK CITY, New York: The U.S. dollar tumbled this week, hitting its lowest levels since 2021 against the euro, British pound, and...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
TORONTO, Canada: Harvard University and the University of Toronto have created a backup plan to ensure Harvard graduate students continue...
JERUSALEM, Israel: Israeli Prime Minister Benjamin Netanyahu says that Israel's success in the war with Iran could open the door to...
NEW DELHI, India: India has decided not to allow a United Nations (UN) investigator to join the investigation into the recent Air India...
BONN, Germany: Despite widespread belt-tightening across the United Nations, nearly 200 countries agreed this week to increase the...