Though there are some signs of recovery, recovery across the MENA region and globally will take time, the IMF said in its regional economic outlook, released today.
For the remainder of 2020, the report highlights the importance of continuing to strengthen health systems and cushion income losses. The outlook for 2021 is that most countries in the region will see growth, albeit subdued.
The IMF report 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.
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.”
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, the report said.
(Writing by Seban Scaria; editing by Daniel Luiz)
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