EBRD Cuts Growth Forecasts for Lebanon and Iraq

The European Bank for Reconstruction and Development announced that the economic growth of many emerging economies is slowing down, with conditions worsening in Iraq and Lebanon due to the repercussions of wars and conflicts. The bank's reports project a 12% decline in Iraq's gross domestic product and a 5% decrease in Lebanon's for this year, caused by the closure of the Strait of Hormuz and the ongoing conflict with Israel. Growth forecasts for other countries, such as Ukraine and Turkey, have also been revised downward amidst rising energy and food prices. Inflation remains steady at around 6%, but wheat prices have surged by 30% since February, posing threats to food import economies.

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