Growth is forecasted to slow down for the Middle East and North Africa region. The war in Ukraine in 2022 exacerbated inflationary pressures as the world recovered from the COVID 19 pandemic-induced recession. The response by central banks to raise rates to curb inflation is slowing economic activity, while rising food prices are making it difficult for families to put meals on the table. Inflation, when it stems from food prices, hits the poor harder than the rich. Moreover, food insecurity in MENA has been rising over decades. The immediate effects of food insecurity can be a devastating loss of life, but even temporary increases in food prices can cause long-term irreversible damages, especially to children. The rise in food prices due to the war in Ukraine may have altered the destinies of thousands of children in the region, setting them on paths to limited prosperity. Food insecurity imposes challenges to a region where the state of child nutrition and health were inadequate before the shocks from the COVID-19 pandemic. The report discusses policy options and highlights the need for data to guide effective decision making.
The global economy is in its third year of deceleration amidst declining inflation and oil prices. The MENA region grew at 1.9 percent in 2023 and is forecasted to grow at 2.7 percent in 2024. And for the first time since the pandemic, MENA oil exporters and importers will grow at similar rates. The tragedy of the conflict in the Middle East has increased uncertainty. Rising debt leaves many countries in the region exposed. This report unpacks the nature of debt in the region. Oil importers have been unable to either inflate or grow out of debt. Exchange rate fluctuations, and particularly stock flow adjustments (SFA) play a sizeable role. The report highlights the need to address debt transparency. Extrabudgetary items, especially for developing oil importers, need to be accounted for. Primary balances are key, but only to the extent that they capture the true state of government finances.
The MENA region is facing important vulnerabilities, which the current crises—first the pandemic, then the war in Ukraine—have exacerbated. Prices of food and energy are higher, hurting the most vulnerable, and rising interest rates from the global tightening of monetary policy are making debt service more burdensome. Part I explores some of the resulting vulnerabilities for MENA. MENA countries are facing diverging paths for future growth. Oil Exporters have seen windfall increases in state revenues from the rise in hydrocarbon prices, while oil importers face heightened stress and risk—from higher import bills, especially for food and energy, and the depreciation of local currencies in some countries. Part II of this report argues that poor governance, and, in particular, the lack of government transparency and accountability, is at the root of the region’s development failings—including low growth, exclusion of the most disadvantaged and women, and overuse of such precious natural resources as land and water.
AN INSTANT #1 NEW YORK TIMES BESTSELLER From New York Times bestselling author and beloved Today show co-host Hoda Kotb comes an inspiring collection of quotes that offer wisdom, courage, and hope—the perfect gift for Mother's Day! Several years ago, Today show co-host Hoda Kotb began posting a variety of quotes on her Instagram page. Some were penned by a favorite writer; others offered a dose of love or laughter. She thought the quotes were meaningful only to her, but soon a funny thing started happening—reactions poured in from thousands of people who were just as moved. The quotes weren't only providing inspiration to Hoda, they were comforting and connecting people. So many of their comments read, “I really needed this today,” a phrase that inspired the book's title. In I Really Needed This Today, Hoda not only shares 365 sayings and quotes, she writes about the people and experiences that have pushed her to challenge boundaries, embrace change, and explore relationships to their fullest. Written with her signature wit and warmth, this book is the ideal companion to tuck beside your bed or to bring with you on-the-go to keep you motivated, recharged, and inspired each day.
In this innovative history of reading and writing, Hoda Yousef explores how the idea of literacy and its practices fundamentally altered the social fabric of Egypt at the turn of the twentieth century. She traces how nationalists, Islamic modernists, bureaucrats, journalists, and early feminists sought to reform reading habits, writing styles, and the Arabic language itself in their hopes that the right kind of literacy practices would create the right kind of Egyptians. The impact of new reading and writing practices went well beyond the elites and the newly literate of Egyptian society, and this book reveals the increasingly ubiquitous reading and writing practices of literate, illiterate, and semi-literate Egyptians alike. Students who wrote petitions, women who frequented scribes, and communities who gathered to hear a newspaper read aloud all used various literacies to participate in social exchanges and civic negotiations regarding the most important issues of their day. Composing Egypt illustrates how reading and writing practices became not only an object of social reform, but also a central medium for public exchange. Wide segments of society could engage with new ideas about nationalism, education, gender, and, ultimately, what it meant to be part of "modern Egypt.
Growth is forecasted to slow down for the Middle East and North Africa region. The war in Ukraine in 2022 exacerbated inflationary pressures as the world recovered from the COVID 19 pandemic-induced recession. The response by central banks to raise rates to curb inflation is slowing economic activity, while rising food prices are making it difficult for families to put meals on the table. Inflation, when it stems from food prices, hits the poor harder than the rich. Moreover, food insecurity in MENA has been rising over decades. The immediate effects of food insecurity can be a devastating loss of life, but even temporary increases in food prices can cause long-term irreversible damages, especially to children. The rise in food prices due to the war in Ukraine may have altered the destinies of thousands of children in the region, setting them on paths to limited prosperity. Food insecurity imposes challenges to a region where the state of child nutrition and health were inadequate before the shocks from the COVID-19 pandemic. The report discusses policy options and highlights the need for data to guide effective decision making.
The global economy is in its third year of deceleration amidst declining inflation and oil prices. The MENA region grew at 1.9 percent in 2023 and is forecasted to grow at 2.7 percent in 2024. And for the first time since the pandemic, MENA oil exporters and importers will grow at similar rates. The tragedy of the conflict in the Middle East has increased uncertainty. Rising debt leaves many countries in the region exposed. This report unpacks the nature of debt in the region. Oil importers have been unable to either inflate or grow out of debt. Exchange rate fluctuations, and particularly stock flow adjustments (SFA) play a sizeable role. The report highlights the need to address debt transparency. Extrabudgetary items, especially for developing oil importers, need to be accounted for. Primary balances are key, but only to the extent that they capture the true state of government finances.
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