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IMF Revises North Africa’s Economic Outlook

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.