The International Monetary Fund (IMF) has released its forecast about the economic development of Middle East countries. Jihad Azour, director of the Middle East and Central Asia Department has revealed this. As per IMF, the Middle East region will lag the other regions with most of the countries not recovering to their 2019 GDP until 2022.
“Countries that put in place stronger fiscal and monetary support in response to Covid-19 are also expected to have a stronger recovery, aided by a shallower trough in 2020. In particular, while Caucasus and Central Asia countries as a group are projected to reach 2019 GDP levels in 2021 — due to their stronger Covid-19 response — those heavily impacted by the second wave will lag behind and not regain pre-pandemic GDP levels until 2022,” Jihad Azour said.
“Fragile and conflict-affected states will be especially battered, with 2021 GDP levels projected at six per cent lower than in 2019,” he added.
The IMF also lauded the GCC countries for tackling the Covid-19 situation. IMF claimed that the GCC countries have the widest coverage of the vaccination as well as the most advanced plans, targeting agreements that in some cases include doses in excess of those needed to inoculate the entire population.