The virus continued to spread in the region, with Iran reporting on Saturday nine new deaths and 205 new cases, bringing the total toll to 54 dead and 978 infected. The number of cases in the Gulf Cooperation Council states is 46 cases of coronavirus infection in Kuwait, 38 cases in Bahrain, six cases in the Sultanate of Oman and 21 in the United Arab Emirates.
The economic impact of the Corona virus (Covid-19) on the economies of the Gulf Cooperation Council countries and the Middle East and North Africa (MENA) may be much greater than originally anticipated, according to economists.
Given the speed and magnitude of the virus spread throughout the world and the region, as analysts say, the epidemic will have severe consequences for the global economy and regional economies, particularly the oil-exporting Gulf Cooperation Council countries, leading to a decline in economic growth in descending order.
Our benchmark economics models now point to real GDP growth in the MENA region of 2.1 percent in 2020 from 2.8 percent previously and in the GCC region, our models point to real GDP growth of 1.7 percent. Year from 2.5 percent previously. ”Khuman Head of Research and Strategy at MUFG Bank in a newly published note.
"The main nutrition in the Gulf Cooperation Council countries is from the hydrocarbons sector and we reduced the average assumptions of our production and production for the year 2020. Consequently we made some initial downward reviews of GDP growth, our financial forecasts, and current accounts," said Monica Malik, chief economist at ADCB. ).
The latest data indicate that the virus has cast a dark shadow over the Middle East as it is globally and its impact on regional economies is much greater than the original estimates. Worldwide, at least 86,000 people have been infected, with nearly 3,000 deaths.