IMF sees across-the-board recession in MENA region

IMF sees across-the-board recession in MENA region

DUBAI, United Arab Emirates - The coronavirus pandemic has pushed nearly all Mideast nations into the throes of an economic recession this year, yet some rebound is expected as a number of countries are expected to see some level of economic growth next year, according to the International Monetary Fund (IMF).

This comes as the IMF estimates that the global economy will shrink 4.4% this year, marking the worst annual plunge since the Great Depression of the 1930s.

Well before the coronavirus swept across the globe, several Mideast countries had been struggling with issues ranging from lower oil prices and sluggish economic growth to corruption and high unemployment.

“” Sharp decline “”

The IMF projects the Lebanese economy will see one of the region's sharpest economic contractions this year at 25%. The pandemic has only