IMF gives upward projection for MENA economy to 4% in 2021

IMF gives upward projection for MENA economy to 4% in 2021

Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, said at a press conference on the side lines of the World Bank's and IMF's spring meetings, that when the IMF convened its spring meetings for the first time virtually, the world was grappling with the outbreak of one of the most severe humanitarian and economic crisis. “Our region reacted swiftly and with resolve, implementing measures that helped contain the pandemic spread and cushion the economic blow,” Azour said, “Now, year later, the novel coronavirus (COVID-19) vaccine and favourable external environment, offer hope that the end of the crisis is within sight.”He explained that the growth is expected to pick up in the region, while the 2021 path to recovery is expected to be long and divergent, both across and within countries with many falling behind.Azour said that the reasons behind this is that, firstly, the progress of the vaccine rollout varied widely across the region. Some countries, such as the Gulf Cooperation Council (GCC), are in the advanced stages of vaccination, while others are lagging behind, as widespread inoculation is not expected until 2022 or2023.“Secondly, fragile and conflict affected states, especially those with low incomes, face