MENA economies face $116 billion hit from virus, oil slump: World Bank

MENA economies face $116 billion hit from virus, oil slump: World Bank

Countries in the region face multiple threats from social distancing curbs, falling export demand and a collapse in oil prices, according to the World Bank.. DUBAI: The Middle East and North Africa (MENA) is facing a 3.7 percent contraction in gross domestic product (GDP) this year because of twin hits from the coronavirus pandemic and the collapse of demand for oil, the World Bank is forecasting.. MENA is facing a 3.7 percent contraction in GDP this year.. The authors argue that if the region had grown at the typical rate observed in the rest of the world, the region would be at least 20 percent richer than it is today," the World Bank said.. The leaders "stressed the importance of cooperation between oil producing nations to maintain stability of energy markets and support growth in the global economy," which is a good omen ahead of the meeting of G20 energy ministers scheduled for Friday mid-day Vienna time.. Some analysts believe that, perhaps with some sleight of hand, there could still be a headline number of 15 million barrels of cuts, which would satisfy the expectations President Trump declared last week.. Despite the "historic" agreement between Saudi Arabia and Russia, and