{"id":573229,"date":"2020-07-26T04:16:34","date_gmt":"2020-07-26T04:16:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/26\/mena-gdp-to-crash-5-7-this-year-un\/"},"modified":"2020-07-26T04:16:34","modified_gmt":"2020-07-26T04:16:34","slug":"mena-gdp-to-crash-5-7-this-year-un","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/26\/mena-gdp-to-crash-5-7-this-year-un\/","title":{"rendered":"MENA GDP to crash 5.7% this year -UN"},"content":{"rendered":"

<\/a> It\u2019s not looking pretty for MENA economies if this UN report is anything to go by:<\/strong> MENA economies are expected to contract by a collective 5.7% this year because of the covid-19 pandemic, according to a UN report (pdf)<\/a> released on Thursday. This would represent an overall loss of USD 152 bn and result in another 14.3 mn people entering poverty. The region\u2019s major stock markets have seen average losses of 23%, and by the end of the year it is set to see a loss of USD 35 bn in exports, excluding oil revenue, and to import some USD 111 bn less in consumer goods, equipment and raw material than before the pandemic.<\/p>\n

Foreign direct investment will likely fall by up to 45% this year,<\/strong> constituting a loss of some USD 17.8 bn, the UN Economic and Social Commission for Western Asia predicts. The electrical and transport sectors \u2014 the most integrated global value chains in the region \u2014 will be hardest hit.<\/p>\n

Economic shocks are impeding the provision of recovery packages:<\/strong> Cratering oil demand, rising debt and falling revenues from tourism, remittances and trade all impact the ability of MENA economies to provide adequate recovery packages and weather the economic and social fallout from the crisis, the report says. Cumulative fiscal stimulus across the region is USD 102 bn, some 4% of regional GDP \u2014 significantly lower than the global average of 11%.<\/p>\n

And so are \u201cunsustainable\u201d levels of debt.<\/strong> While the fiscal space needs to grow to offset covid-19\u2019s medium to long-term impact, states will see revenue fall by almost USD 20 bn due to lost indirect taxes, the report says. At the same time, fiscal deficits are expected to spiral to more than 10% of GDP, up from 2018\u2019s average of 2.9%, as governments ratchet up borrowing. The debt-to-GDP ratio is expected to increase for most countries, resulting in \u201cunsustainable\u201d levels of debt that will both hinder efforts to mitigate the pandemic\u2019s impact and stall progress on the Sustainable Development Goals, the report states.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s not looking pretty for MENA economies if this UN report is anything to go by: MENA economies are expected to contract by a collective 5.7% this year because of the covid-19 pandemic, according to a UN report (pdf) released on Thursday. This would represent an overall loss of USD 152 bn and result in […]<\/p>\n","protected":false},"author":1,"featured_media":573230,"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":[9272],"tags":[7106,104,72,103,348,345,493,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-debt","tag-economy","tag-enterpriseam","tag-fdi","tag-gdp","tag-mena","tag-sdgs","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"5e0d3393-5ce7-48ff-a2be-782e55cd3e2b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/7\/203.jpg","photo_position":"above","related_issue":[573206],"teaser":"","voice_url":""},"yoast_head":"\nMENA GDP to crash 5.7% this year -UN - 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\/26\/mena-gdp-to-crash-5-7-this-year-un\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MENA GDP to crash 5.7% this year -UN\" \/>\n<meta property=\"og:description\" content=\"It\u2019s not looking pretty for MENA economies if this UN report is anything to go by: MENA economies are expected to contract by a collective 5.7% this year because of the covid-19 pandemic, according to a UN report (pdf) released on Thursday. This would represent an overall loss of USD 152 bn and result in […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/26\/mena-gdp-to-crash-5-7-this-year-un\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-26T04:16:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/203.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/26\/mena-gdp-to-crash-5-7-this-year-un\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/26\/mena-gdp-to-crash-5-7-this-year-un\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"MENA GDP to crash 5.7% this year -UN\",\"datePublished\":\"2020-07-26T04:16:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/26\/mena-gdp-to-crash-5-7-this-year-un\/\"},\"wordCount\":332,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/26\/mena-gdp-to-crash-5-7-this-year-un\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/203.jpg?fit=%2C&ssl=1\",\"keywords\":[\"debt\",\"economy\",\"EnterpriseAM\",\"FDI\",\"GDP\",\"MENA\",\"SDGs\",\"THE MACRO PICTURE\"],\"articleSection\":[\"THE MACRO PICTURE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/26\/mena-gdp-to-crash-5-7-this-year-un\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/26\/mena-gdp-to-crash-5-7-this-year-un\/\",\"name\":\"MENA GDP to crash 5.7% this year -UN - 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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":555007,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/28\/egypts-remittance-inflows-on-track-to-hit-record-high-this-year-outpace-mena-peers\/","url_meta":{"origin":573229,"position":1},"title":"Egypt\u2019s remittance inflows on track to hit record high this year + outpace MENA peers","author":"enterpriseam admin","date":"28 November 2021","format":false,"excerpt":"Remittance inflows to Egypt are on course to hit a record high this year as higher oil prices and the global economic recovery fuel an increase in transfers. Transfers from Egyptians abroad are projected to increase almost 13% to USD 33 bn this year, making Egypt one of the world\u2019s\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\/11\/241.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566649,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/05\/mena-is-getting-a-taste-for-green-debt-issuance\/","url_meta":{"origin":573229,"position":2},"title":"MENA is getting a taste for green debt issuance","author":"enterpriseam admin","date":"5 July 2021","format":false,"excerpt":"Green debt issuance is on the rise in MENA: The value of green and sustainability-linked debt sales in the MENA region rose by 38% y-o-y in the first six months of 2021, exceeding the total issued in the whole of 2020, according to Bloomberg data cited by Trade Arabia. 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Egypt\u2019s GDP\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\/2019\/11\/2426.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556832,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/20\/uneven-mena-vaccine-rollouts-threaten-regional-recovery-imf-regional-economic-outlook\/","url_meta":{"origin":573229,"position":4},"title":"Uneven MENA vaccine rollouts threaten regional recovery - 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":561325,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/04\/egypts-primary-surplus-puts-it-on-track-to-sustainable-debt-strategy-world-bank\/","url_meta":{"origin":573229,"position":5},"title":"Egypt\u2019s primary surplus puts it on track to sustainable debt strategy -World Bank","author":"enterpriseam admin","date":"4 April 2021","format":false,"excerpt":"Egypt\u2019s primary surplus heading into the pandemic helped cushion the blow to its public debt, despite higher debt levels that gripped much of the MENA region, according to the World Bank\u2019s April 2021 MENA economic update (pdf). The primary surplus \u2014 a measure that strips out debt service payments \u2014\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573229","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=573229"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573229\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/573206"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/573230"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=573229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=573229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=573229"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=573229"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=573229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}