Aden (Al-Ittihad)
The World Bank reported in its latest report that the Yemeni economy faces major obstacles, as the Houthi escalation exacerbates the economic and humanitarian crises that the country is suffering from.
The report indicated that between 2015 and 2023, Yemen witnessed a 54 percent decline in the per capita share of real gross domestic product, which places most Yemenis in the cycle of poverty.
The report stated that the Yemeni government’s public finances witnessed a significant deterioration in 2023, while its revenues decreased by more than 30 percent due to the sharp decline in oil revenues and the decline in customs revenues.
The report indicated that the current account deficit witnessed an increase of 19.3 percent of the gross domestic product in 2023, after it was 17.8 percent in 2022.
He also pointed out that the blockade imposed on oil exports had a significant impact on the trade deficit, while foreign exchange reserves remained relatively stable thanks to the financial support provided by partners.
For her part, the World Bank’s country director in Yemen, Dina Abu Ghaida, said in a comment included in the report: “The economic and humanitarian challenges in Yemen are becoming more severe, but the possibility of recovery remains in light of international support and the right strategies.”
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