IMF forecasts regional economic recovery in 2021

Eudore R. Chand

DUBAI 29 October 2020: The International Monetary Fund (IMF) outlook for 2021 says that most countries in the region are projected to see growth, albeit subdued.

Whilst there are small signs of recovery, global and regional recovery will take time. During the remainder of 2020, the report highlights the importance of continuing to strengthen health systems and cushion income losses.

Dubai International Financial Centre (DIFC), co-hosted the virtual launch of the IMF October 2020 Regional Economic Outlook report for the Middle East, North Africa, Afghanistan and Pakistan (MENAP).

The report shows that countries in the Middle East and North Africa region responded to the Covid-19 pandemic with swift and stringent measures to mitigate its spread and impact.

Future Government Tasks

It indicates that in the near future governments and policymakers need to continue to act decisively to secure jobs, provide liquidity to businesses and households, and protect the less well off. As the immediate recovery takes hold, the region will need to continue strengthening inclusion and addressing pressing vulnerabilities. Alongside providing favourable business environments and nurturing private investments, all of these actions will lay the groundwork for recovery to rebuild stronger, more resilient, and more inclusive economies.

Build greener, more inclusive, and more resilient economies

Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, said, “As countries continue to contain the pandemic’s toll, policymakers must increasingly turn their attention to planning and financing the recovery ahead, with a renewed focus on building greener, more inclusive, and more resilient economies.”

The IMF Regional Economic Outlook report details trends and developments across countries of the MENAP and the Caucasus and Central Asia, CCA. The report’s findings and indicators are widely used as a benchmark for future economic projections and set the tone for growth, trade and investment. The full report can be accessed

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Dubai Gazette