The Ukrainian crisis,high oil prices,high food prices and the Fed’s interest rate hike have led to significant differences in the economic growth rates of countries in the region. Oil-exporting countries will achieve higher economic growth rates because of continued high oil prices. At the same time,the fiscal balance and balance of payments of oil-exporting countries will further improve. In contrast,the economic situation of oil-importing countries and low- and middle-income countries with a high share of food expenditures will deteriorate. Economic growth in 2022 is expected to be 5.0% in West Asia and North Africa and 3.7% in Sub-Saharan Africa. The international community should work together to avoid a situation where countries divergence continues to widen.
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