North Africa hit hard by Covid but has good recovery chancePublished by: Andrew Mizner at 10/11/2021The African Development Bank has found that the North African economy suffered three major setbacks in th... The African Development Bank has found that the North African economy suffered three major setbacks in the face of Covid-19, exposing long-term economic challenges, but should recover well as oil prices rebound. Published on 3 November, the North Africa Economic Outlook found that despite this, North African governments had been rewarded for acting quickly to offset these problems, leading to a lesser impact than predicted. The average fiscal deficit of North African countries nearly doubled to 11.6%, and the current account deficit increased by a similar proportion to 8.8% of GDP. In May, Morocco became one of the countries to receive support from AfDB to aid its economic recovery from the pandemic.

Source: The North Africa Journal November 10, 2021 17:39 UTC