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21-10-20
The World Bank explains Mena Region economic dilemma
(MENAFN) The World Bank has released its most recent economic update for the Mena region, where it was stated that the trade and integration sector will be vital to lessen poverty rates, support the poor, and awake economic growth in the time period following the Cronoavirus negative impact.
The information was posted in a report called "Trading Together: Reviving Middle East and North Africa Regional Integration in the Post-Covid Era". The report was very extensive, and covered all aspects, such as Mena's economic condition within six months into the pandemic. It also studies the lingering effects of the economic shock caused by the virus, and the fall in oil prices, while advising policy changes, and improvements to establish a fresh integration structure through the region.
World Bank Vice President for Mena, Ferid Belhaj, noted: "The Mena region was already lagging behind economically before the Covid-19 pandemic struck. Six months into it, we can see - with stark clarity - the severity of the devastation on lives, livelihoods, and region-wide prosperity."
Adding: "We are continuing to help Mena countries stop the spread of the disease and protect and care for their people. We will keep insisting on the need for Mena countries to give the highest priority to transparency, governance, the rule of law and market contestability, and to instil trust, promote the private sector, and build a new framework for the sustained regional economic integration that will make trade a powerful tool to alleviate poverty and expand access to opportunities for all."
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