A report issued by the Economic Studies and Forecasts Sector (governmental) revealed a cumulative contraction in the real GDP in Yemen in 2020 by 50 percent compared to 2014, while the cumulative economic losses amounted to about $88.8 billion due to the decline in economic growth during the period 2014 - 2020.
The report attributed the losses to the direct and indirect effects on the Yemeni economy, in particular the destruction of the infrastructure, production and service facilities, and the disruption of many economic and investment activities. As all these effects were reflected in the form of severe cash liquidity crises, oil derivatives, electricity, food, water, transportation, education, health care and others.
The economic downturn led to a decline in per capita GDP by about two-thirds in dollar terms. Poverty dominated 80 percent of the population, unemployment rates rose to critical levels, and investments fled abroad in search of safe havens.
According to the report, the per capita gross national product decreased from 1139 dollars in 2014 to 364 dollars (at the parallel exchange rate) in 2019, with a cumulative change rate of minus 69.5 percent, which means that more people slid below the poverty line and the severity of the humanitarian crisis.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
