Mena region to face $227bn of Covid-related losses in 2021

Mena region to face $227bn of Covid-related losses in 2021

The Middle East and North Africa region will face a hefty loss of $227 billion from the Covid-19 pandemic that will exacerbate underlying poverty and developmental challenges, the World Bank said in a report on Friday.

The regional economy, which is expected to have contracted by 3.8 per cent in 2020, is anticipated to only recover by 2.2 per cent this year.

Public debt, which grew as nations borrowed heavily to mitigate health and economic crises, will reach 55 per cent of gross domestic product by 2021, from 46 per cent in 2019.



"Most Mena countries may find themselves, in a post-pandemic world,