IMF reveals 2021 forecasts for oil costs and the Center East economic system
DUBAI, United Arab Emirates — The Worldwide Financial Fund downgraded its outlook for Center East and Central Asian financial restoration, predicting a 4.1% contraction for the area as an entire — 1.three proportion factors worse than its earlier evaluation in April — in its newest regional outlook report launched Monday.
Jihad Azour, director of the IMF’s Center East and Central Asia division, famous a big disparity in financial loss between oil importing and exporting international locations because the area has been hit by the coronavirus pandemic and a plunge in oil costs.
“Mixed collectively, these two shocks led to a pointy decline in financial exercise that’s completely different between oil exporting and oil importing international locations,” Azour instructed CNBC’s Hadley Gamble by way of video name on Sunday. “On common, we are going to see development going damaging by 6.6% for oil exporting international locations, and damaging development of 1% for all importing international locations,” he stated, including that there can be variations between the international locations inside…