IMF Says Expects 'Significantly Higher' Inflation In Middle East, North Africa In 2023

The International Monetary Fund (IMF) expects the inflation rate in the Middle East and North Africa to increase significantly in 2023 from what it expected in spring, IMF Middle East and Central Asia Department Rodrigo Senior Economist Garcia-Verdu said on Tuesday.

WASHINGTON (UrduPoint News / Sputnik - 06th December, 2022) The International Monetary Fund (IMF) expects the inflation rate in the middle East and North Africa to increase significantly in 2023 from what it expected in spring, IMF Middle East and Central Asia Department Rodrigo Senior Economist Garcia-Verdu said on Tuesday.

"In 2023, we are now expecting a significantly higher inflation rate to what we were expecting back in April," Garcia-Verdu said.

Most countries in the region will also face a slowdown in growth with the possible exception of low-income states, he said.

Garcia-Verdu warned that the prices of commodities, especially of energy and food, remain "significantly above" the 2021 average levels.

"This is having implications on food security," he added.

In April, IMF forecast real GDP growth for the Middle East and North Africa region at 5% in 2022 - a 0.9-percentage-point upgrade from October - down from 5.8% in 2021. The IMF also said then that it expected inflation to remain elevated at 13.9% due to the higher food and energy prices.