"Presenting the short-term, macroeconomic outlook and economic challenges faced by MENA countries."
The combination of a Covid-19 pandemic and a collapse in oil prices has affected all aspects of the economies in the Middle East and North Africa (MENA). The region’s economies are projected to contract by 5.2 percent in 2020, which is 4.1 percentage points below the forecast in April 2020, and 7.8 percentage points worse than that of October 2019, reflecting an increasingly pessimistic outlook for the regional economy. The region is expected to recover only partially in 2021.
The MENA Economic Update is a product of the World Bank's Office of the Chief Economist for the Middle East and North Africa. This presents the short-term, macroeconomic outlook and economic challenges facing countries in the region.
This Executive Summary is part of the report titled - MENA Economic Update: Trading Together — Reviving the Middle East and North Africa Regional Integration in the Post-COVID Era. Click HERE to read the full report.