Africa
Growth in sub-Saharan Africa is expected to slow to 2.5 percent in 2023, from 3.6 percent in 2022. It is expected to increase to 3.7 percent in 2024 and to 4.1 percent in 2025. However, in terms per capita, the region is expected to slow slightly. contract for the period 2015-2025. The region faces many challenges, including a “lost decade” of sluggish growth, persistently low per capita income, growing fiscal pressures exacerbated by a high debt burden, and an urgent need for job creation. Addressing these multifaceted issues requires comprehensive reforms to promote economic prosperity, reduce poverty and create sustainable employment opportunities in the region. This will require an ecosystem that facilitates business entry, stability, growth and the development of skills that match business demand.
Press release: English | French
Learn more: Download the report | Preview | Watch the video
East Asia and the Pacific
Most economies of developing countries in East Asia and the Pacific (EAP), with the exception of several Pacific island countries, have recovered from the succession of shocks since 2020 and are continuing to grow, albeit at a slower pace. Although the region will benefit from a recovery in the global economy in 2023, high debt, a slowdown in China’s economy and other countries’ trade and industrial policies will hurt the region. In the future, the diffusion of digital technologies and policy reforms in the services sector are expected to create opportunities and play an increasing role in the region’s economic development.
Press release: English | العربية | Tiếng Việt | bahasa indonesia | ไทย | ខ្មែរ
Learn more: Download the report | Preview | Watch the video
Europe and Central Asia
Economic growth in emerging markets and developing economies in Europe and Central Asia has been revised upwards to 2.4% for 2023, in the World Bank’s latest economic forecast for the region. This resumption of growth reflects better forecasts for war-stricken Ukraine and Central Asia, as well as consumer resilience in Turkey and better-than-expected growth in Russia due to an increase in government spending in military and social transfers. However, overlapping shocks – the ongoing invasion of Ukraine, the cost of living crisis, climate risks and more – present formidable challenges to the region’s growth.
Press release: English | Spanish | French | العربية | Russian
Learn more: Download the report | Preview
Latin America and the Caribbean
The report estimates that regional gross domestic product (GDP) will grow by 2% in 2023, slightly above the 1.4% previously projected, but still lower than all other regions in the world. Growth rates of 2.3% and 2.6% are expected respectively for 2024 and 2025. These rates, similar to those of the 2010s, are not sufficient to achieve the essential progress in terms of inclusion and reduction of poverty. poverty. Countries must find ways to promote inclusion and growth, improve governance and generate social consensus. Digital solutions can be part of the answer. The expansion of digital connectivity, combined with complementary policies, offers the opportunity to create more dynamic and inclusive societies.
Press release: English | Spanish | Portuguese | French
Learn more: Download the report | Preview | Video
Middle East and North Africa
After analyzing the macroeconomic outlook for the Middle East and North Africa (MENA) region, this edition of the Regional Economic Update assesses the human toll of macroeconomic shocks in terms of job loss and deterioration of livelihoods populations in the MENA region. Growth is expected to slow in 2023 after experiencing an oil price-driven growth spurt in 2022 among the region’s high-income oil exporters. Yet, as the region continues to recover from the impact of the COVID-19 shock and cope with increased volatility in its terms of trade, the region’s working population faces consequences for their livelihoods. continuation of inflationary pressures associated with currency fluctuations in certain countries. .
Press release: English | French | العربية
Learn more: Download the report | Preview | Video
South Asia
At just under 6%, South Asia is expected to grow faster than any other developing country region this year, but at a slower pace than before the pandemic and not fast enough to reach its development objectives. The region faces numerous risks to this outlook, particularly due to fragile fiscal positions created by high public debt. Countries urgently need to manage and reduce fiscal risks and, in the long term, accelerate growth and create jobs sustainably. Countries should encourage the adoption of advanced energy-saving technologies and take measures to protect vulnerable workers affected by labor market developments.
Press release: English
Learn more: Download the report | Preview | Watch the video | Blog
