RECENT - WASHINGTON DC

1. Wide shot, IMF building exterior with Annual Meetings signage

19 October 2021, WASHINGTON DC

2. SOUNDBITE (English) Jihad Azour, Director of Middle East and Central Asia Department, IMF

“We project real GDP for countries in the Middle East and North Africa to expand by 4.1 percent in 2021 and in 2022, after contracting by 3.2 percent last year. Real GDP growth in the Caucasus and Central Asia is projected at 4.3 percent this year and 4.1 percent in 2022, following a contraction of 2.2 percent last year,”

3. Wide shot, Jihad Azour and journalist

4. SOUNDBITE (English), Jihad Azour, Director of Middle East and Central Asia Department, IMF

“Over the medium term, Real GDP is expected to remain below pre-crisis projections by around 2.5 Percent in MENA and 7 percent in the CCA. Countries that managed to recover more quickly will also have lower output losses. At the same time, the employment recovery remains weak and rising inflation is reducing the ability to use monetary policy to spur growth. In addition, risks have increased with a renewed uncertainty around new pandemic waves, vaccination delays, tighter global financial conditions, social unrest, and geopolitical risks, as well as climate shocks. Inequities are on the rise with the young people, women and the migrant workers, as well as small companies bearing the brunt of the crisis,”

5. Wide shot, Jihad Azour and journalists

6. SOUNDBITE (English), Jihad Azour, Director of Middle East and Central Asia Department, IMF
“With limited policy space recovering from the pandemic will require countries to manage difficult policy tradeoffs. Accelerating vaccine acquisition and distribution, particularly by low-income countries, remains the most urgent priority and will require strong global and regional cooperation. In the meantime, policy support should target the most vulnerable and the eventual withdrawal should be gradual and well communicated. If inflation proves persistent, central banks may need to adjust policy rate policies to prevent de-anchoring inflation expectations. Improving policy framework will be important to reduce tradeoffs and bolster credibility,”

RECENT - WASHINGTON DC

11. Wide shot, IMF building exterior