World Bank sees MENA economy contracting by 4.2% by end of 2020
Friday, 10 16 2020, Category: Economy, Country: Middle East
The Middle East and North African region is expected to see a 4.2 percent contraction in economic growth by 2020 end as a result of the COVID-19 pandemic, the World Bank Group said in an annual report.
The report was released to coincide with the annual meetings of the International Monetary Fund (IMF) and the World Bank Group from 12 October through 18 October.
The output from the region’s developing-country oil exporters is projected to decline by 5.0 percent as well, while the Gulf Cooperation Council (GCC) members’ economic output is expected to drop by 4.1 percent, according to the report.
The region’s oil importers are expected to see their growth decrease by 0.8 percent due to the broad-based deceleration of tourism, remittances, and other critical sources of revenue, according to the report.
The rate of unemployed young people stood at nearly 25 percent even before the pandemic, according to the report, but is expected to remain stable this year.
Source: Amwal Al Ghad