Nearly all Mideast economies hit by pandemic recession: IMF

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FE Team | Published: October 21, 2020 23:14:28

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DUBAI (United Arab Emirates), Oct 21 (AP): The coronavirus pandemic has pushed nearly all Mideast nations into the throes of an economic recession this year, yet some rebound is expected as all but two -
Lebanon and Oman - are anticipated to see some level of economic growth next year, according to a report published Monday by the International Monetary Fund (IMF).
This comes as the IMF estimates that the global economy will shrink 4.4 per cent this year, marking the worst annual plunge since the Great Depression of the 1930s.
Well before the coronavirus swept across the globe, several Mideast countries had been struggling with issues ranging from lower oil prices and sluggish economic growth to corruption and high unemployment.
The IMF projects the Lebanese economy will see one of the region's sharpest economic contractions this year at 25 per cent. The pandemic has only pushed the country further to the brink after a wave of anti-government anger before the virus struck.
Lebanese demonstrators were protesting government corruption, foreign exchange shortages, hyperinflation, constant electricity cuts and increasing poverty. The currency has dropped by 70 per cent compared to the end of last year, with people struggling to afford basic goods. A devastating explosion at Beirut's main port in August killed at least 180 people, injured more than 6,000 and destroyed entire neighborhoods. The blast left hundreds of thousands of people homeless.