IMF forecasts 5.7% economic contraction across MENA region in 2020 – ZAWYA

IMF forecasts 5.7% economic contraction across MENA region in 2020 – ZAWYA

IMF forecasts 5.7% economic contraction across MENA region in 2020  | ZAWYA MENA Edition HomeEconomyArticleIMF forecasts 5.7% economic contraction across MENA region in 2020  In 2021, the region's GDP growth is expected to recover to 3.4%    The International Monetary Fund (IMF) has further downgraded its projections for the Middle East and North Africa (MENA) region's economic growth to -5.7% in 2020 due to the novel coronavirus (COVID-19) pandemic.This represents a 2.4 percentage points decline on the institution's April forecast of -3.3% for the current year.In its latest regional economic outlook released on Monday, the fund stated that in 2021, the region's gross domestic product (GDP) growth is expected to recover to 3.4%. The amended projections represent a lowering of 0.8 percentage points on the April forecast of 4.2%.This represents a 2.4 percentage points decline on the institution's April forecast of -3.3% for the current year.The International Monetary Fund (IMF) has further downgraded its projections for the Middle East and North Africa (MENA) region's economic growth to -5.7% in 2020 due to the novel coronavirus (COVID-19) pandemic.In its latest regional economic outlook released on Monday, the fund stated that in 2021, the region's gross domestic product (GDP) growth is expected to recover to 3.4%. The