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Middle East and Central Asia’s GDP to fall by 2.8%

Collapse of the economies of the Middle East and Central Asia may reach 2.8 percent in 2020. Regional Economic Outlook report of the International Monetary Fund says.

The growth rate of the economies of the region will be lower than during the global financial crisis of 2008 and the shock of falling oil prices in 2015. At the same time, growth is expected to reach 4 percent in 2021, when the threat of the coronavirus recedes and global political efforts stimulate recovery.

«The current crisis associated with the spread of coronavirus is unprecedented. It affects all countries of the world. And it is even harsher for the Middle East and Central Asia region. It is affected by shock of coronavirus, as well as the fact that this happened at a time when oil prices fell. This hit a second blow to the region. The region has not experienced such a crisis in recent decades,» Director of the Middle East and Central Asia Department of the International Monetary Fund Jihad Azour stressed during presentation of the report.

«The level of uncertainty is still very high. We do not know how the economy will recover around the world, what form it will be, how long it will take for developed economies to recover. We had to revise country forecasts several times. We expect a big slowdown in economic growth. In addition, the situation with current accounts and fiscal balance may worsen,» he said.