Middle East economy to grow by 4.1% in 2021: IMF
Published 19 Oct,2021 via Muscat Daily–The Middle East and North Africa is on track to economic recovery, but rising social unrest and unemployment are threatening to hinder ‘progress’, the International Monetary Fund said on Tuesday.
The MENA region, which includes the Arab countries and Iran, saw its real GDP growth shrink by 3.1 per cent in 2020 due to lower oil prices and sweeping lockdowns to prevent the spread of the coronavirus.
But with rapid vaccination campaigns, particularly in the Gulf nations, the IMF predicted that GDP growth would rise to 4.1 per cent this year, a slight upgrade of 0.1 per cent from the last projection in April.
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