IMF expects MENA real GDP to grow 4% in 2021

IMF expects MENA real GDP to grow 4% in 2021

Mubasher: The International Monetary Fund (IMF) has upgraded its outlook for the real gross domestic product (GDP) growth in the MENA region to 4% in 2021, compared to its October projection of 3.2%.

The real GDP growth of the GCC countries is forecast to stand at 2.7% in 2021 and 3.8% in 2022, according to the IMF's report "Regional Economic Outlook for the Middle East and Central Asia" released in April 2021.

The activities in oil-exporting countries are expected to recover in 2021, supported by the projected upturn in the second half (H2) of 2021.

The non-oil GDP of oil-exporting countries is forecast to increase by 3.3% in 2021, driven by higher oil prices and early vaccine rollouts.

Meanwhile, the oil GDP would grow by 5.8% in 2021 amid the surge in Libya's oil production by more than 233% following the reopening of oil fields and ports in late 2020.

As for oil importers, their economies are forecast to register a growth rate at 2.3% in 2021, a downgrade of 0.4% compared to the IMF's October 2020 outlook.

Growth projections for Jordan, Morocco, and Tunisia, which highly depend on the tourism sector affected by