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Cairo – Egypt is expected to be the sole Arab country to achieve economic growth in 2020 in light of the economic disruption caused by the novel coronavirus (COVID-19) outbreak, according to the International Monetary Fund (IMF).
The most populous Arab nation is forecast to post a real gross domestic product (GDP) growth of 2% in 2020 and 2.8% in 2021, compared to 5.6% in 2019, the IMF said in its World Economic Outlook report.
Meanwhile, Saudi Arabia, the UAE, Kuwait, Oman, and Qatar are projected to achieve negative GDP growth of 2.3%, 3.5%, 1.1%, 2.8%, and 4.3%, respectively.
The IMF also expects Egypt’s inflation rate to slow down to 5.9% in 2020 and 8.2% in 2021, compared to 13.9% in 2019.
The North African nation’s current account deficit is forecast to stand at 4.3% in 2020 and 4.5% in 2021, compared to 3.6% in 2019, while the unemployment rate is seen at 10.3% in 2020 and 11.6% in 2021, up from 8.6% in 2019.
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