Coronavirus, collapse in global oil prices cost MENA $230 bln: World Bank

Coronavirus, collapse in global oil prices cost MENA $230 bln: World Bank

The Middle East and North Africa (MENA) region's output is projected to contract by 5.2 percent, 4.1 percent below the World Bank's (WB) forecast in April and 7.8 percent below October 2019 forecasts, said senior economist for MENA at the WB Ha Nguyen, adding that MENA's output costs of the dual shock resulting from the coronavirus and the collapse in global oil prices are estimated at $230 billion.

Nguyen's statements came at a press briefing on Monday to launch the WB's economic outlook update for MENA.

He added that the region's output is projected to rebound to 1.9 percent in 2021.

Egypt's strong monetary policy, issuing sovereign bonds since the onset of the COVID-19 crisis and its responding policies to the pandemic have contributed to keeping the country's positive