The IMF’s latest forecasts for GDP growth in the Arab world are for a steeper decline and shallower recovery than in the rest of the world: -5.7% in 2020 and 3.5% in 2021.1 The uncertainty of the global recovery relates mainly to the path of the pandemic, and the timing of an effective medical solution.
14  BIS Review 43/2008  In addition, we continue to observe certain reluctance by banks to use the marginal lending facility for reputational reasons, as if recourse to it signalled the need for emergency assistance from the central bank.