While economies in the Middle East strive to regain footing amid a raging COVID-19 pandemic, like many nations worldwide, economists warn of recovery slowing in some parts of the region. The region’s economies are projected to contract by 5.2 per cent in 2020, the World Bank estimated last month. Additionally, the International Monetary Fund downgraded its outlook for Middle East economic recovery just weeks earlier, predicting a 4.1 per cent contraction for the region as a whole. The global fund does not see oil staging a dramatic recovery next year, seeing prices in $40 to $50 range in 2021. Coping with dual shockCountries in the Middle East have been facing dual shocks of both a COVID-19 pandemic and a collapse in oil prices.

Source: The North Africa Journal November 08, 2020 22:18 UTC