India, April 16 -- Report highlights growing burden of debt, particularly among oil-importing countries

A new report by the World Bank paints a concerning picture for West Asian (also known as Middle East) and North Africa (MENA) region. Titled Conflict and Debt in the Middle East and North Africa , the update highlighted sluggish economic growth, mounting debt burdens and heightened uncertainty due to ongoing regional conflicts.

The report forecast a modest increase in regional gross domestic product (GDP) to 2.7 per cent in 2024, a meagre improvement from the 1.9 per cent recorded in 2023. This stagnant growth represented a return to the sluggish economic performance that characterised the decade before COVID-19.

The report identifie...