Inflation in Jordan to rise to 3.3% in 2022 -World Bank update

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AMMAN - The World Bank expected that the Consumer Price Index (CPI), a measurement of inflation, would rise to 3.3% in Jordan in 2022, compared to 1.3% in 2021, adding that the Kingdom's inflation rate is projected to go down in 2023 to 2.5%, according to Jordan News Agency, Petra.اضافة اعلان

In its World Bank MENA Economic Update, which was released Thursday, the bank also expected growth of the Jordanian economy to reach 2.1% in 2022, compared to the "actual" expansion achieved in 2021 that stood at 2%, raising the bank’s outlook for Jordanian economy's growth 2023 to 2.3%.

The bank expected that the economies of the Middle East and North Africa region will grow by 5.2% in 2022, the fastest growth rate since 2016, thanks to the unexpected revenues from high oil prices, which are in the interest of the region's oil-exporting countries.

However, uncertainty reigns with the unpredictable course of the war in Ukraine and the scientific uncertainty about the evolutionary path of the virus that causes COVID-19, the update said.

The World Bank, in latest Middle East and North Africa Economic Update, a twice-yearly forecast: "Reality Check: Forecasting Growth in the Middle East and North Africa in Times of Uncertainty," said the economic recovery may be uneven as regional averages mask broad differences between countries.

Oil producers may benefit from elevated energy prices along with higher vaccination rates for COVID-19, while fragile countries lag. Per capita GDP, which is a more accurate measure of people's standard of living, barely exceeds pre-pandemic levels due to a lackluster performance for most countries in 2020-2021, according to the bank's update.

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