IMF lowers Middle East economic forecast over the 'twin shock'
The IMF Monday again sharply lowered its the Middle East and North Africa economic forecast, to its lowest level in 50 years, over the "twin shock" of the coronavirus pandemic and low oil prices. The region's economy will contract by 5.7 percent this year, and shrink by as much as 13 percent in countries torn by conflict, the Washington-based International Monetary Fund warned. The economic malaise will see poverty and unemployment rise, stoking social unrest, and send budget deficits and public debt surging, it said. In its regional economic outlook update, the IMF projected the economies of the Middle East and North Africa to contract by 5.7 percent this year, 2.4 percentage points lower than its April forecast. |
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