A report issued by Capital Economics Research Institute showed that the Arab countries will make up all their economic losses next year if the new Coronavirus is contained during that period.
The British research institute revealed that the economies of the Middle East and North Africa region will suffer the worst recession since 1980, indicating that social separation and travel restrictions will severely affect Egypt, Tunisia, Morocco and Dubai.
According to the report, oil-exporting countries will also be affected this year by falling demand and lower prices, which will lead to most of these countries entering a recession.
Morocco and Tunisia will also be affected severely due to their large tourism sector. As for Lebanon, according to the report, the repercussions of the Coronavirus have worsened the situation, as Lebanese GDP is expected to shrink by 12% this year, with inflation rising to 20%.
Capital Economics data show that the countries of the region will exceed the losses we wanted this year during the years 2021 and 2022, and that countries like the UAE will erase all their economic losses by next year. The report expected that Saudi Arabia would achieve a growth of 2.8% and 1.3% respectively, the economic growth in Egypt to 6.3% and 4.8%, the UAE by 10% and 5.8%, and Algeria by 2% and 2.3%.
Source (Al-Arabiya.net website, Edited)
