World Bank Sees 5.2% Contraction in MENA, In Line With IMF

World Bank Sees 5.2% Contraction in MENA, In Line With IMF

The World Bank anticipates that economies in the Middle East and North Africa will contract more deeply than initially estimated, fueled by the double burden of lower crude prices and the spread of Covid-19.The global lender revised its estimate to a 5.2% shrinkage this year versus an April forecast of a 1.1% contraction, according to its updated regional economic outlook published Sunday.