Middle East & North Africa Economic Forecast

Economic Snapshot for MENA

June 9, 2020

The MENA economy is seen declining this year. Containment measures will weigh on domestic activity, while the global downturn will hurt external demand. Moreover, oil exporters will be hit by lower average oil prices compared to 2019 and constrained oil production following the OPEC+ deal. Widespread geopolitical tensions and possible social unrest pose downside risks.

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MENA Countries Monetary & Financial Sector News

Inflation in the Middle East and North Africa fell from 4.5% in March to 3.9% in April amid soft crude prices and weak activity. This year, inflation is seen broadly stable from 2019 as a recovery in price pressures in GCC countries is offset by lower inflation in Egypt, Iran and Israel.

Most MENA central banks manage currency pegs, against the USD or a basket of currencies including the USD or the EUR, and lack independent monetary policies. Regarding central banks with independent monetary policies, in May the Bank of Israel and Central Bank of Egypt kept rates unchanged following easing earlier in the year.

 

 

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