Iraq and Egypt expected to achieve highest economic growth in Arab world in 2023, says IMF

Shafaq News/ The International Monetary Fund (IMF) expects the economies of Iraq and Egypt to achieve the highest growth among Arab countries in 2023.

The IMF predicts that Iraq and Egypt's gross domestic product will grow by 3.7% in 2023, with Iraq's growth dropping to 3.1% in 2024 while Egypt's growth will increase to 5% in the same year. However, the IMF expects consumer prices in Iraq (inflation) to rise to 6.6% in 2023 from 5% in 2022 before decreasing to 1.6% in 2024.

Moreover, Iraq's current account is expected to achieve 4.4% in 2023, down from 11.6% in 2022, and a deficit of 2.5% is expected in 2024.

The current account of a country refers to the balance of trade in goods and services, along with international transfers of capital.