IMF: Egypt will be the only country in the Middle East and North Africa with positive GDP growth this year

Release time:

2020-10-20 00:00

IMF: Egypt will be the only country in the Middle East and North Africa with positive GDP growth this year
Source: First Financial Information

On October 19, local time, the International Monetary Fund released an updated report on the Economic Outlook for the Middle East and Central Asia. According to local media reports in Egypt, this report shows that Egypt is the only country in the Middle East and North Africa that will achieve positive real GDP growth in 2020, with an expected growth rate of 3.5 percent. With the exception of Egypt, the vast majority of countries in the region are expected to experience negative GDP growth in 2020, with GDP growth picking up to 2.2 per cent in 2021.

The report pointed out that the real GDP of countries in the Middle East, North Africa and some Central Asia, including Egypt, shrank by 5% year-on-year in the first quarter of 2020, while oil GDP is expected to shrink by 7.7, which reflects the weak internal and external demand for oil and the impact of the "OPEC +" production reduction agreement caused by the US sanctions on Iran's exports.

According to the report, due to the deterioration of trade, tourism and foreign exchange inflows, as well as the impact of epidemic prevention and control measures, the economic growth of oil-importing countries in the Middle East and North Africa, including Egypt, is expected to be further reduced in 2020, with a growth rate of-1% so far.

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