IMF: Nearly All Mideast Economies Hit By Pandemic Recession
DUBAI, United Arab Emirates: 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 expected to see some level of economic growth next year, according to a report published Monday by the International Monetary Fund. This comes as the IMF estimates that the global economy will shrink 4.4% 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...
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