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The World Bank expects the debt of the Middle East to rise in 2021 at the fastest pace in this century
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The World Bank expects public debt levels in the Middle East and North Africa to rise to 54% of GDP by the end of 2021 from 46% in 2019, the fastest rate of accumulation during the current century.
In a report issued on Friday, the bank explained in the first economic update for 2021 that the countries of the region were severely affected by the Coronavirus pandemic in 2020. He added that the closure measures to confront the spread of the virus have left many economies in the region facing difficulties, like the rest of the world. He stated that despite global efforts to introduce vaccines, the economic situation is still facing fluctuations.
Limited recovery in 2021
The report said that the region is expected to witness an increase in GDP levels during 2021, after the record economic contraction in many countries during 2020.
"It is unlikely that this recovery will be strong enough to bring the region's economy back to pre-epidemic levels," wrote Farid Belhadj, World Bank Group Vice President for the Middle East and North Africa region in the report.
He added that "the large sums borrowed by the governments of the Middle East and North Africa to raise the financing of health measures and basic social protection, have led to a significant increase in the government debt."
The dual crisis of the Coronavirus, along with the sharp drop in oil prices, has created a bigger problem for oil-exporting countries in the region.
The Saudi budget deficit has widened the most in more than three decades. The same applies to neighboring countries, which have had to cut spending and pump money through stimulus programs.
The epidemic has severely affected sectors other than energy in the region. The bank predicts that overall exports will decline sharply in 2020, and only partially recover in 2021.
The World Bank estimates that economic growth for the region will be 2.2% in 2021, only partially recovering from a contraction of 3.8% in 2020. It called on countries in the region to give priority to financial spending to mitigate the effects of the virus.
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