[HIGHLIGHTS] The economies of the Arab countries. What were the IMF's forecasts for 2023?

The International Monetary Fund (IMF) cut its growth forecast for the Middle East and North Africa (MENA) economy this year to 3.1% from 3.2% in a previous forecast. The region's economies grew by 5.3 percent last year.

The IMF expects global real GDP growth to reach 2.8% in 2023 and 3% in 2024, a sharp decline from3.4% growth in 2022 as a result of tightening monetary policy. In its latest World Economic Outlook, the IMF said the risks of contagion in the banking system had been contained through strong policy measures.