The Middle Eastern countries responded to the COVID-19 pandemic with swift and stringent measures to mitigate its spread and impact. However, most of them continued to face an uncertain and difficult environment.
Oil exporters were particularly hard hit by a “double-whammy” of the economic impact of lockdowns and the resulting sharp decline in oil demand and prices.
Containing the health crisis, cushioning income losses, and expanding social spending had become immediate priorities. Most of the Arab governments, however, managed to lay the groundwork for economic recovery and rebuilding.
This week’s TRENDS Explainer Video highlights how economic growth looks like in the Arab countries this year as per the latest IMF report.