IMF: Egypt is the only country in the region to achieve positive growth in 2020
Release time:
2020-04-15 00:00
Source: Egypt Micro Life
Egypt is the only country in the Middle East and North Africa region to achieve positive economic growth this fiscal year compared to other countries that have contracted due to the spread of the new crown epidemic, according to the International Monetary Fund, the Egyptian portal MASRAWY4 reported on March 14.
On Tuesday, as the spring meetings of the International Monetary Fund and the World Bank began, the IMF released a report on the outlook for the world economy.
The report expects Egypt to achieve an economic growth rate of 2 percent in the current fiscal year, the only country in the region to achieve economic growth.
According to the fund, the entire MENA region will see an economic contraction of 3.3 per cent in the current fiscal year.
By 2020, Saudi Arabia's economy will shrink by 2.3 percent, the UAE by 3.5 percent, Qatar by 4.3 percent this year, Kuwait by 1.1 percent, Oman by 2.8 percent and Algeria by 5.2 percent.
The fund expects Morocco's economy to shrink by 3.7 percent this year, Tunisia by 4.3 percent, Jordan by 3.7 percent and Lebanon by 12 percent.
The World Economic Outlook report had predicted that global economic growth would contract sharply by 3 per cent this year as a result of the spread of the new coronary pneumonia epidemic. The recession far exceeded the economic downturn triggered by the international financial crisis in 2008, and was the worst global economic recession since the Great Depression in the 1930 s.
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