WASHINGTON - 13 July 2020: The International Monetary Fund (IMF) lowered its economic forecast for the Middle East and Central Asia (Meca) region, which is now set to contract 4.7 per cent this year, due to the impact of the Covid-19 pandemic and lower oil prices. The latest projection is 2 percentage points lower than the fund's April estimate, the IMF said in its latest Middle East and Central Asia Economic Outlook. “A sharp decline in oil prices together with production cuts among oil exporters and disruptions in trade and tourism added further headwinds,” it said. Several countries in the region have started opening their economies; however, “rising infection numbers may pose risks,” it added. The fund expects real GDP of MENAP region to contract 5.1 percent this year and recover next year with a 3.1 per cent expansion.

Source: Egypt Today July 13, 2020 12:33 UTC