MENA’s growth expected to contract by 4.2% by end of 2020: World Bank

SourceAhram
SectorEconomy
CountryGCC

The Middle East and North African region is expected to see a 4.2 percent contraction in economic growth by the end of this year on the back of the COVID-19 pandemic, up from 0.2 percent positive growth recorded in 2019, the World Bank Group said in an annual report. The report was released to coincide with the annual meetings of the International Monetary Fund (IMF) and the World Bank Group from 12 October through 18 October. The output from the region’s developing-country oil exporters is projected to decline by 5.0 percent as well, while the Gulf Cooperation Council (GCC) members’ economic output is expected to drop by 4.1 percent, according to the report. The region’s oil importers are expected to see their growth decrease by 0.8 percent due ...read more...