IMF increases its expectations for MENA economy to 4% in 2021

The IMF said that the GDP of the MENA oil importers which include Egypt will reach 2.3 percent and 4.5 percent in 2021 and 2022 respectively, up from -0.8 percent in 2020.

The International Monetary Fund (IMF) expects the GDP for the Middle East and North Africa (MENA) region to reach 4 percent in 2021 and 3.7 percent in 2022 according to its April regional economic outlook.

This reflects an upturn from the -3.4 percent it projected in 2020, and also up from its October regional outlook forecast of 3.2 percent in 2021.

The IMF said that the GDP of the MENA oil importers which include Egypt will reach 2.3 percent and 4.5 percent in 2021 and 2022 respectively, up from -0.8 percent in 2020.

Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, said at a press conference on the side lines of the World Bank’s and IMF’s spring meetings, that when the IMF convened its spring meetings for the first time virtually, the world was grappling with the outbreak of one of the most severe humanitarian and economic crisis.

“Our region reacted swiftly and with resolve, implementing measures that helped contain the pandemic spread and cushion the economic blow,” Azour said, “Now, year later, the novel coronavirus (COVID-19) vaccine and favourable external environment, offer hope that the end of the crisis is within sight.