Arab countries will be ‘silver’ due to increase in crude oil prices, which countries’ economy will suffer

Crude Oil Prices: Good growth can be seen in the global economy this year. Arab crude exporting countries may cut silver due to high energy prices, with the global economy projected to grow at around 3.6 per cent this year. The International Monetary Fund (IMF) has issued a report and told about this.

Arab countries’ economy will grow rapidly
In the report released by the IMF, it has been said that looking at the current situation, it seems that the economies of Arab countries will strengthen and their financial reserves will increase. At the same time, other countries may have to face challenges due to this situation.

Oil exporting countries will benefit
It has been said in the report that the rapid rise in crude oil prices will boom in the economies of Arab countries. Oil exporters will have ‘unexpected’ gains in this situation.

Countries importing crude oil will get benefit
According to the report, however, this situation will have a negative impact on countries like Egypt, which imports crude oil in West Asia and is heavily dependent on food imports from the Black Sea region.

The impact of the Russo-Ukraine war is visible
Let us tell you that after the attack of Russia, farmers in Ukraine have to leave agriculture and take up arms. Ukrainian farmers are unable to export their grain due to the closure of ports and roads. Due to this there has been a jump in the prices of wheat.

The economy of Saudi Arabia and Kuwait will improve
According to the report, high energy prices have done a ‘miracle’ for oil producers like Saudi Arabia. Because of this, Saudi Arabia’s economy is expected to grow by 7.6 percent this year, while Kuwait’s economy is expected to grow by eight percent.

Crude oil will remain at $ 107 per barrel
This estimate of the IMF is based on the forecast of crude oil prices to average $ 107 per barrel during 2022 and around $ 92 per barrel in 2023.

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