International Monetary Fund (IMF) - REUTERS
WASHINGTON - 15 April 2020: The International Monetary Fund (IMF) expected countries of the Middle East and Central Asia region, which have been hit by Coronasvirus, to witness weaker growth projections in 2020.
This year, economies in the Middle East and Central Asia will shrink on average by 3.1 percent, representing a loss of output of $425 billion, said Middle East and Central Asia Department Director Jihad Azour in a press conference.
In addition to the devastating toll on human health, the COVID-19 pandemic and the plunge in oil prices are causing economic turmoil in the region, with fragile and conflict affected states particularly hard-hit given already large humanitarian and refugee challenges and weak health infrastructures, it said on its website.
The immediate priority for policies is to save lives with needed health spending, regardless of fiscal space, while preserving engines of growth with targeted support to households and hard-hit sectors.
In this context, the IMF has been providing emergency assistance to help countries in the region during these challenging times.
Further ahead, economic recoveries should be supported with broad fiscal and monetary measures where policy space is available, and by seeking external assistance where space is limited.
IMF data indicated on Tuesday that Egypt is the only country in the Middle East and North Africa that would achieve positive economic growth this year despite the outbreak of coronavirus.
Comments
Leave a Comment