A report issued by "Oxford Economics" showed that the economic recovery in the region is proceeding at a slow pace, and will not return to its pre-crisis level until 2022, it is expected that the GDP of the Middle East will contract by the end of the current year 2020 by about 6.8 percent, and to grow by 2.9 percent in 2021.
The report showed that with the spread of the second wave of the pandemic in Europe and other parts of the world, the global recovery has stalled, and while measures to contain the virus are re-imposed in many economies, the economic recovery in the Middle East lost its momentum, despite the strong recovery it witnessed in the third quarter of this year.
According to the report, with the injuries largely controlled, the Gulf states continued to ease their closures, he revealed that despite the apparent positivity of these measures, the pace of return to normal life has slowed down, especially in the category of important workplaces, and the tourism movement has also declined. According to the report, the oil sector continues to represent a burden on overall growth, with countries reducing production in line with the “OPEC +” agreement, and with both the oil and non-oil sectors facing major obstacles.
The report suggested that the Gulf countries would record a significant contraction of gross domestic product by about 5.3 percent this year, before witnessing a recovery of 2.4 percent during 2021.
Source (Al-Rai Kuwaiti newspaper, Edited)
