Economies in the Middle East and North Africa are expected to contract further this year than initially estimated. In its updated economic outlook, the International Monetary Fund forecast a contraction of 5.7% in the region this year, more than two percentage points lower than its estimate of 3.3% in April. The dual shock of a sharp decline in crude prices and persisting uncertainty regarding the length of the coronavirus pandemic have clouded prospects for an economic rebound.
SOURCE: BLOOMBERG
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