A 5.9% growth is expected in FY2021/22, and a 5% growth is forecasted in FY2022/23.
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The International Monetary Fund reached an agreement with Lebanon for a four-year extended fund facility that will however only get full approval if the Arab country enacts a series of reforms.
Palestine grew 6% in 2021, following a 11.3% recession in 2020. An upturn is expected to come only by the end of next year.
The International Monetary Fund report estimates a 2.2% growth in the United Arab Emirates in 2021 and 3.5% in 2022. The organization defends prompt measures to contain the spread of COVID-19 and economic support leveraged the improvement.
According to an IMF report, about 80% of the target population had been at least partially vaccinated and over 70% fully vaccinated as of mid-September 2021.
Due to foreign trade performance, the International Monetary Fund projects an increase of 5.3% for the country’s GDP this year, 1.6% above the April estimate. For next year, however, the outlook has worsened.
The International Monetary Fund announced the deliverance of USD 1.6 billion to the country, concluding a USD 5.2 billion agreement. The organization reemphasized the sound prospects for the Egyptian economy, expected to grow 2.8% in the current fiscal year and 5.2% in the next.
Fund supports the program of reforms and notes that Sudan has made progresses but adds that international financial assistance will be needed through the country’s transition to a well-functioning market-based economy.
Amid the pandemic, the International Monetary Fund expects the Middle East and North Africa to attain an economic growth, revising its previous forecast of 2.2%.
The Iraqi administration wrote in major fiscal reforms into its 2021 budget in an attempt to mitigate the effects of the pandemic and of low oil prices on the population.
After discussions with the Jordanian authorities, the IMF estimates the country’s GDP will decline by 3% in 2020, as a reflection of the pandemic, but increase by 2.5% in 2021.
The International Monetary Fund expects the Brazilian GDP to shrink by 5.8% this year. The former forecast had been 9.1%.
According to forecast made public by an IMF official on Tuesday (30), the region’s GDP will contract more than it had been projected in April, due to the coronavirus impacts on the economy activity and the low prices of hydrocarbons.
International Monetary Fund has warned about the impacts that coronavirus will have on countries that are fragile and in conflict situations, such as Iraq, Djibouti and Somalia. Economy is expected to shrink by 7% in 2020, and internal problems could increase.
