05-Nov-2021Real gross domestic product growth in North Africa was largely negative in 2020, at -1.1% with a -5.1 percentage point drop over 2019, the African Development Bank's 2021 edition of the North Africa Economic Outlook reports. Released on November 3, the report finds that in 2020, North African economies experienced three shocks: the Covid-19 pandemic, a collapse in oil prices and a steep drop in tourism. Egypt managed to achieve positive growth (+3.6%), one of the few countries in the world to do so in 2020. Overall, macroeconomic variables of regional countries deteriorated. The report notes that the Covid-19 pandemic has markedly reduced North African countries' resilience.

Source: The North Africa Journal November 06, 2021 03:11 UTC