!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); https://dailynewsegypt.com/2020/07/13/imf-forecasts-5-7-economic-contraction-across-mena-region-in-2020/, IMF forecasts 5.7% economic contraction across MENA region in 2020, on IMF forecasts 5.7% economic contraction across MENA region in 2020, In its latest regional economic outlook released on Monday, the fund stated that in 2021, the region’s. “With several countries in the MCD region beginning to reopen in past weeks, and a recent uptick in activity, rising infection numbers may pose risks,” the IMF said. The report highlighted the uncertainty that the COVID-19 crisis imposes, saying that similar to the April 2020 projections, there is pervasive uncertainty around this forecast, which depends on the depth of the contraction in the second quarter of 2020 (for which complete data is not yet available), in addition to the magnitude and persistence of the adverse shock. The IMF explained that these changes are mostly driven by the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region. Excluding a few large frontier economies, the remaining group of low-income developing countries is projected to contract by 2.2 percent in 2020, according to the report. According to IMF, the novel coronairus (COVID-19) pandemic has had a more negative impact on economic activities in the first half of the year than expected, and the recovery is … It mentioned that Egypt, Jordan, the Kyrgyz Republic, Pakistan, and Tunisia have received emergency assistance under the Rapid Financing Instrument (RFI). Select at least one time series to view other relevant data. The fund stated that Lebanon’s economic conditions continue to worsen, amid a generalised economic and financial crisis, with a double-digit contraction projected for 2020. “A more protracted recovery in remittances and tourism, which are key foreign exchange flows to the region, could also pose risks to both growth and external financing,” the IMF said. “Given the high levels of informality in the region, establishing digital payment systems and building social protection databases to ensure the timely identification and support of targeted beneficiaries should be key priorities once the immediate crisis abates,” the IMF stressed. These should be broadened and more targeted going forward, regardless of whether the countries remain locked down or are carefully reopening. They were placed on your computer when you launched this website. The information about original data source is available only to registered users. The downgrade also reflects larger spillovers from weaker external demand, the report read. The amended projections represent a lowering of 0.8 percentage points on the April forecast of 4.2%. Egypt’s real GDP growth is forecasted to drop to 2 percent in 2020, down from 5.6 percent in 2019, the International Monetary Fund (IMF) projected as the impact of the coronavirus pandemic continues to weigh heavily on emerging markets, yet the country’s economy could still … According to the IMF April outlook, Egypt’s real GDP growth was forecast to drop to two percent in 2020, down from 5.6 percent in 2019, because of the pandemic, yet the country’s economy could still grow to 2.8 percent in 2021. Tweets by @DailyNewsEgypt IMF - IMF provides over $280bn in financing at unprecedented speed and scale to 81 countries, of which more than one third has been approved since March . Among emerging markets and developing economies, the hit to activity from domestic disruptions is projected closer to the downside scenario envisaged in April, more than offsetting the improvement in financial market sentiment. “The large downward revisions for this group for both 2020 and 2021, 3.1 and 0.8 percentage points, respectively, compared to the April 2020 REO, reflect the ‘double whammy’ from oil price fluctuations and supply cuts, and the pandemic-linked lockdowns,” the IMF noted. Afghanistan, Djibouti, Mauritania, Tajikistan, and Uzbekistan have accessed the RFI’s concessional counterpart, the Rapid Credit Facility. Global growth is projected at –4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast. Policy support partially offsets the deterioration in private domestic demand,” the report said. For low-income developing countries' growth, the report projected it to go down to one percent in 2020, some 1.4 percent below the April forecast, albeit with differences across individual countries. Knoema is the most comprehensive source of global decision-making data in the world. “These elements, in turn, depend on several uncertain factors, including the length of the pandemic and required lockdowns, voluntary social distancing, which will affect spending, displaced workers’ ability to secure employment, possibly in different sectors, scarring from firm closures and unemployed workers exiting the workforce, which may make it more difficult for activity to bounce back once the pandemic fades, in addition to the impact of changes to strengthen workplace safety“, the report said. The report added that although 2020 growth among MENAPOI is projected to be nearly unchanged from April, standing at -1.1%, there are substantial differences across countries. Regarding the GPD growth, the IMF has maintained Egypt’s GDP growth at 2 percent over 2020 and 2021, the same expectation of April forecast to be the only country to achieve positive economic growth during the current fiscal year in the Middle East and North Africa (MENA) region. Amid the erosion of tourism and remittances receipts and oil supply cuts, current account balances are projected to deteriorate further in 2020. “For oil exporters, the decline is also seen in non-oil GDP,” the report noted. Our tools allow individuals and organizations to discover, visualize, model, and present their data and the world’s data to facilitate better decisions and better outcomes. However, these policies have also had a large impact on domestic economic activity. IMF forecasts 5.7% economic contraction across MENA region in 2020 Regional GDP growth to recover to 3.4% in 2021, down from 4.2% in April forecast, says IMF Due to the high level of uncertainty in current global economic conditions, the April 2020 WEO database and statistical tables contain only these indicators: real GDP growth, consumer price index, current account balance, unemployment, per capita GDP growth, and fiscal balance. Our Insights blog presents deep data-driven analysis and visual content on important global issues from the expert data team at Knoema. MENAP oil exporters growth is projected at -7.3% in 2020, rebounding to 3.9% in 2021. The International Monetary Fund (IMF) has downgraded the global growth outlook to 4.9 percent in 2020, 1.9 percent below the April forecast, expecting it to rebound in 2021 to strengthen to 5.4 percent, 0.4 percent lower than the April forecast amid the COVID-19 crisis. Global trade will suffer as well a deep contraction of 11.9 percent in 2020, reflecting considerably weaker demand for goods and services, including tourism, according to the report. New US sanctions target Iran's 'remaining channels to pay for food, medicine':..... Saudi Arabia extends distance learning till the end of the first term: Minister, Uncertainty in Madrid as court nixes partial virus lockdown. The IMF did forecast modest recoveries in 2021 but ones that would only erase about half of the economic decline in 2020. French, Italian captives freed with top politician in Mali, EU lawmakers break off talks with states on European recovery plan, As Hurricane Delta intensifies, Louisiana braces for rains, storm surge, Egyptian Premier League fixtures & results (32nd matchday), Match facts: Zamalek v Wadi Degla (Egyptian Premier League), Morocco intercepts more than 200 migrants at sea, Pogba keen on playing for Real Madrid - one day, US to hit all of Iran's financial sector with sanctions. The report mentioned that non-oil GDP in these economies has also been marked down. While these provide temporary relief, elevated public debt, exceeding 48 percent of GDP on average during 2020/2021, has raised sustainability concerns in many countries, according to the report. For low-income developing countries, many of which face tight financing constraints and a less harsh impact of the pandemic, thus far, the fiscal response to the pandemic has been modest, at 1.2 percent of GDP on average, and mostly through budgetary measures, the report estimated. Globe Icon An icon of the world globe. As a result, growth in the region is now projected at -4.7 % in 2020, 2 percentage points lower than in April 2020.”. 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