{"id":570803,"date":"2020-04-15T04:32:18","date_gmt":"2020-04-15T04:32:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/15\/the-coronavirus-will-trigger-the-worst-global-recession-since-the-great-depression-in-mena-only-egypts-economy-will-grow-this-year-imf\/"},"modified":"2020-04-15T04:32:18","modified_gmt":"2020-04-15T04:32:18","slug":"the-coronavirus-will-trigger-the-worst-global-recession-since-the-great-depression-in-mena-only-egypts-economy-will-grow-this-year-imf","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/15\/the-coronavirus-will-trigger-the-worst-global-recession-since-the-great-depression-in-mena-only-egypts-economy-will-grow-this-year-imf\/","title":{"rendered":"The coronavirus will trigger the worst global recession since the Great Depression; in MENA, only Egypt\u2019s economy will grow this year \u2013IMF"},"content":{"rendered":"

<\/a> The coronavirus will trigger the worst global recession since the Great Depression, the <\/strong>IMF predicts:<\/strong> The world is facing its greatest economic crisis since the Great Depression as output plummets at a record pace in response to the \u201cGreat Lockdown\u201d put in place to contain covid-19, the IMF warned yesterday<\/a>.<\/p>\n

Tap \/ click here for the full report (pdf)<\/a><\/strong>.<\/strong><\/p>\n

The global economy will contract by 3% this year<\/strong>\u00a0as the loss of output \u201cdwarfs\u201d that seen during the 2007-08 financial crisis, the lender said in its first World Economic Outlook since the onset of the pandemic. In the report published ahead of the IMF\/World Bank Spring Meetings this weekend, IMF chief economist Gita Gopinath described the situation as \u201ca crisis like no other,\u201d and said that the outlook had changed \u201cdramatically\u201d since January, when the fund had forecast 3.3% growth this year<\/a>.<\/p>\n

Advanced economies will bear the brunt of the downturn:<\/strong> Growth in advanced economies will contract by a stunning 6.1% this year before recovering to 4.5% growth next year. Emerging economies will see a milder 1% contraction \u2014 with India and China both remaining in positive territory \u2014 before growth surges at a 6.6% clip in 2021.<\/p>\n

A sharp recovery clouded by uncertainty:<\/strong> The IMF sees the global economy returning to growth in 2021 and expanding by 2.4% but warns that there is \u201cextreme uncertainty\u201d about the forecast, likening the situation to a \u201cwar or a political crisis\u201d that is almost impossible to predict.<\/p>\n

How does Egypt fare in all this?<\/strong><\/p>\n

GDP growth will slow, but Egypt will be the only country in the region to see its economy <\/strong>expand: <\/strong>The fund now projects GDP to grow at a 2% clip this year before accelerating slightly to 2.8% in 2021. The IMF\u2019s projections for 2020 represent a 64% decline in growth compared to 2019, when the economy expanded by 5.6%. The government has left unchanged (for now) its expectations for 4.5% growth in the upcoming 2020-2021 fiscal year, saying in the draft of its upcoming budget earlier this week<\/a> that it will revisit projections as the impact of covid-19 on the domestic economy becomes clear.<\/p>\n

Inflation will remain under control:<\/strong> Annual price growth will continue to remain within the Central Bank of Egypt\u2019s 9% (+\/-3%) target range until the end of 2021. Inflation will average 5.9% in 2020 before creeping up to 8.2% through 2021, according to the lender\u2019s estimates.<\/p>\n

Current account deficit to widen:<\/strong> Egypt\u2019s current account deficit is expected to widen further over the coming two years, reaching 4.3% of GDP in 2020 and 4.5% the year after. Egypt recorded a 3.6% deficit in 2019.<\/p>\n

The unemployment rate is projected to rise<\/strong> from 8.6% last year to 10.3% in 2020 and 11.6% the year after.<\/p>\n","protected":false},"excerpt":{"rendered":"

The coronavirus will trigger the worst global recession since the Great Depression, the IMF predicts: The world is facing its greatest economic crisis since the Great Depression as output plummets at a record pace in response to the \u201cGreat Lockdown\u201d put in place to contain covid-19, the IMF warned yesterday. Tap \/ click here for […]<\/p>\n","protected":false},"author":1,"featured_media":570804,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[107,104,928,72,348,4947,272,182,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-covid-19","tag-economy","tag-employment","tag-enterpriseam","tag-gdp","tag-great-depression","tag-imf","tag-inflation","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"a2ecf97e-8c74-428f-843c-0559f5b1540f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/138.jpg","photo_position":"above","related_issue":[570798],"teaser":"","voice_url":""},"yoast_head":"\nThe coronavirus will trigger the worst global recession since the Great Depression; in MENA, only Egypt\u2019s economy will grow this year \u2013IMF - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/15\/the-coronavirus-will-trigger-the-worst-global-recession-since-the-great-depression-in-mena-only-egypts-economy-will-grow-this-year-imf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The coronavirus will trigger the worst global recession since the Great Depression; in MENA, only Egypt\u2019s economy will grow this year \u2013IMF\" \/>\n<meta property=\"og:description\" content=\"The coronavirus will trigger the worst global recession since the Great Depression, the IMF predicts: The world is facing its greatest economic crisis since the Great Depression as output plummets at a record pace in response to the \u201cGreat Lockdown\u201d put in place to contain covid-19, the IMF warned yesterday. 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global recession, slower recovery as virus fears linger: The global economy will suffer a deeper recession than previously expected as the pandemic continues to intensify in some parts of the world, and businesses and consumers continue to reel from the effects of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/272.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576747,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/01\/your-top-5-pieces-of-business-and-economic-news-in-april-2\/","url_meta":{"origin":570803,"position":1},"title":"Your top 5 pieces of business and economic news in April","author":"enterpriseam admin","date":"1 May 2020","format":false,"excerpt":"Your top 5 pieces of business and economic news in April: Egypt will be the only country in the region to maintain growth as the world tips into recession -IMF: The IMF predicted that Egypt will be the only MENA country to see its economy expand, anticipating 2% GDP growth\u2026","rel":"","context":"In "YOUR TOP 5"","block_context":{"text":"YOUR TOP 5","link":"https:\/\/enterpriseam.com\/egypt\/category\/your-top-5\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575410,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/14\/imf-warns-of-long-protracted-recovery-as-it-eases-global-recession-forecast\/","url_meta":{"origin":570803,"position":2},"title":"IMF warns of long, protracted recovery as it eases global recession forecast","author":"enterpriseam admin","date":"14 October 2020","format":false,"excerpt":"IMF warns of long, slow recovery as it eases global recession forecast: The International Monetary Fund (IMF) now sees the world\u2019s GDP contracting at a 4.4% pace \u2014 an improvement from the 4.9% it projected in its June outlook \u2014 after economies coming out of lockdown showed improved trade, retail\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/143.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561429,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/07\/imf-more-upbeat-on-global-growth-says-covid-end-increasingly-visible\/","url_meta":{"origin":570803,"position":3},"title":"IMF more upbeat on global growth, says covid-end \u201cincreasingly visible\u201d","author":"enterpriseam admin","date":"7 April 2021","format":false,"excerpt":"The IMF sees the global economy growing this year at a faster pace than previously expected, saying in its updated World Economic Outlook that it now expects global growth to come in at 6% \u2014 0.5 percentage points higher than the 5.5% growth it had penciled in three months ago\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/60.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550050,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/price-pressures-likely-to-trigger-recession-next-year-imf\/","url_meta":{"origin":570803,"position":4},"title":"Price pressures likely to trigger recession next year -IMF","author":"enterpriseam admin","date":"12 October 2022","format":false,"excerpt":"The IMF expects more than a third of the global economy to contract \u201cthis year or next,\u201d it warns in its October World Economic Outlook (pdf) released yesterday. The Fund maintained its global GDP forecast of 3.2% for this year but is less optimistic about next year, when it expects\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/196.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572919,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/14\/imf-lowers-mena-growth-forecasts-in-2020-due-to-persisting-uncertainty\/","url_meta":{"origin":570803,"position":5},"title":"IMF lowers MENA growth forecasts in 2020 due to persisting uncertainty","author":"enterpriseam admin","date":"14 July 2020","format":false,"excerpt":"The IMF slashed its 2020 GDP forecast for the MENA region, penciling in a 5.7% contraction for the year in its July update of its regional economic outlook for the Middle East and Central Asia. The fund had expected a 3.3% contraction for the region in April but has revised\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/99.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=570803"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570803\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570798"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570804"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570803"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570803"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}