{"id":572919,"date":"2020-07-14T04:15:18","date_gmt":"2020-07-14T04:15:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/14\/imf-lowers-mena-growth-forecasts-in-2020-due-to-persisting-uncertainty\/"},"modified":"2020-07-14T04:15:18","modified_gmt":"2020-07-14T04:15:18","slug":"imf-lowers-mena-growth-forecasts-in-2020-due-to-persisting-uncertainty","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/14\/imf-lowers-mena-growth-forecasts-in-2020-due-to-persisting-uncertainty\/","title":{"rendered":"IMF lowers MENA growth forecasts in 2020 due to persisting uncertainty"},"content":{"rendered":"

<\/a> The IMF slashed its 2020 GDP forecast for the MENA region, penciling in a <\/strong>5.7% contraction for the year<\/strong> in its July update<\/a> 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 its projection downward due to the continued uncertainty about the duration of the pandemic and the prospects for recovery, particularly in light of the continued pressure on oil prices.<\/p>\n

Before we go further: The forecast doesn\u2019t break out country-level projections<\/strong>, and IMF Egypt boss Uma Ramakrishnan said last week in an interview that the institution sees Egypt\u2019s economy growing at a 2% clip through the end of 2021<\/a>. The European Bank of Reconstruction and Development, meanwhile, gave us a positive score in May<\/a>, and saw the economy doing better than that of any other country in the region this year.<\/p>\n

Regional oil importers, which include Egypt, could contract by a collective 1.1%. <\/strong>This is because any benefits of lower crude prices will be offset by global trade obstacles, lower revenues from tourism and expat remittances, and tighter global financial conditions, the fund said.<\/p>\n

Oil exporters, meanwhile, are expected to see their economies shrink by 7.3%<\/strong>, driven by fluctuations in oil prices and pandemic lockdowns. Energy producers in the region stand to lose USD 270 bn in oil revenue compared to last year, according to the lender. The foregone revenue is chalked up to economic giant Saudi Arabia taking a battering from the pandemic, the Washington Post<\/a> notes.<\/p>\n

Brent crude is currently in the region of USD 43 \/ bbl<\/strong> after production cuts by OPEC and its allies helped drive prices upward from record lows in March. Even following the record cuts, which started taking effect, the oil market is facing a general glut as growing covid-19 cases worldwide \"dampen global demand\"<\/a>. Oil traded at closer to USD 60<\/a> a barrel before the pandemic took hold.<\/p>\n

Globally, the situation isn\u2019t much better. <\/strong>The IMF said last month in its most recent update to<\/a>its the World Economic Outlook<\/a>that the world is entering into a deeper recession than previously thought. The fund revised downwards its global economic growth expectations to -4.9% from an earlier -3%.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 its projection downward due to […]<\/p>\n","protected":false},"author":1,"featured_media":572920,"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":[72,272,345,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-572919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-imf","tag-mena","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"a002af26-6107-4710-8486-77cf8e13b421","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/7\/99.jpg","photo_position":"above","related_issue":[572914],"teaser":"","voice_url":""},"yoast_head":"\nIMF lowers MENA growth forecasts in 2020 due to persisting uncertainty - 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\/07\/14\/imf-lowers-mena-growth-forecasts-in-2020-due-to-persisting-uncertainty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF lowers MENA growth forecasts in 2020 due to persisting uncertainty\" \/>\n<meta property=\"og:description\" content=\"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. 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IMF Regional Economic Outlook","author":"enterpriseam admin","date":"20 October 2021","format":false,"excerpt":"The post-covid recovery in Egypt and MENA continues to be \u201cuneven and incomplete\u201d with countries that had made strong progress in vaccination (including Joran, Morocco and Tunisia) likely to recover quicker than those with more sluggish rollouts, like Egypt, the IMF said in its latest Regional Economic Outlook (pdf). Though\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/450.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575824,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/28\/egypts-economy-to-grow-by-3-3-in-fy2020-21-reuters-poll\/","url_meta":{"origin":572919,"position":2},"title":"Egypt\u2019s economy to grow by 3.3% in FY2020-21 -Reuters poll","author":"enterpriseam admin","date":"28 October 2020","format":false,"excerpt":"Egypt\u2019s economy will grow at a 3.3% clip during the current fiscal year, according to a Reuters poll of economists. This is a slight upwards revision from the 3.1% growth economists had penciled in for FY2020-2021 in a similar poll in July. The economists\u2019 forecast is more optimistic than the\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\/290.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561542,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/12\/egypt-mena-to-face-higher-financing-needs-post-covid-imf\/","url_meta":{"origin":572919,"position":3},"title":"Egypt + MENA to face higher financing needs post-covid -IMF","author":"enterpriseam admin","date":"12 April 2021","format":false,"excerpt":"Rising financing needs in Egypt and MENA could threaten the post-covid recovery \u2014 and limit the scope for fiscal spending in a region scrambling to rebound from the pandemic, the IMF said in an update to its Regional Economic Outlook for the Middle East and Central Asia. Egypt is classified\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\/114.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572457,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/25\/imf-forecasts-deeper-recession-slower-recovery-as-virus-fears-linger\/","url_meta":{"origin":572919,"position":4},"title":"IMF forecasts deeper recession, slower recovery as virus fears linger","author":"enterpriseam admin","date":"25 June 2020","format":false,"excerpt":"YOUR DAILY DOSE OF GLOOM- IMF forecasts deeper 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":556144,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/inequality-threatens-pandemic-recovery-imf-says-in-its-latest-global-outlook\/","url_meta":{"origin":572919,"position":5},"title":"Inequality threatens pandemic recovery, IMF says in its latest global outlook","author":"enterpriseam admin","date":"13 October 2021","format":false,"excerpt":"The global recovery is bruised, but not broken: The IMF slightly downgraded its projection for global growth in 2021 to 5.9% in its October World Economic Outlook report (pdf) \u2014 down a slim 0.1 percentage points from 6% in its last update in July. The international lender held its growth\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\/10\/142.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\/572919","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=572919"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/572919\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/572914"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/572920"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=572919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=572919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=572919"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=572919"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=572919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}