The International Monetary Fund: MENA Region's Economy to Shrink by 5.7% in 2020

The International Monetary Fund (IMF) forecasts the Middle East and North Africa (MENA) region's economy to contract by 5.7% in 2020 as opposed to its earlier estimated economic downturn of 3.3% projected in April 2020. According to the IMF's regional economic outlook for July 2020, the sharp decline in oil prices and uncertainty over the duration of the COVID-19 pandemic have posed challenges to the recovery of the global economy. 

According to the report, the region's oil exporters would experience an economic decline of 7.3% in 2020 due to volatile oil prices and the COVID-19 impact on their balance sheets. Meanwhile, the economies of the region’s oil importers are expected to contract by 1.1%, due to benefits f...