A report by the International Monetary Fund (IMF) suggested that the MENA region was subjected to multiple economic shocks due to the Coronavirus pandemic which caused a significant decline in its growth rates during this year.
The report urged concerned countries to continue to monitor financial and economic support to prevent a long-term recession and thus cause high rates of unemployment and poverty.
“The region is likely to see a significant downturn in growth rates and 12 countries from the same region have contacted the IMF with the intention of obtaining financial support”, said the IMF’s regional director for the Middle East and North Africa.
The IMF expected major economic turmoil and shocks in the region due to the decline in domestic and external demand, the decline in trade and the disruption of production.
As a reminder, the IMF has approved a package of financial aid to a number of countries in the region to help them cope with the implications of the Corona virus on their economies.
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