Well before the coronavirus swept across the globe, several Mideast countries had been struggling with issues ranging from lower oil prices and sluggish economic growth to corruption and high unemployment. The IMF projects the Lebanese economy will see one of the region’s sharpest economic contractions this year at 25%. While Mideast nations have seen fewer confirmed cases and deaths from the virus than countries in Europe and the U.S., the region still faces challenges in containing the disease. Meanwhile, wealthy Mideast oil exporters are expected to see their economies contract by 6.6 percent in 2020, the IMF said. Gulf Arab states, however, are expected to see average economic growth of 2.3 percent next year.

Source: The Standard October 19, 2020 13:30 UTC