London-based economic research and consultancy firm, Capital Economics, expects that brent crude will reach $60per barrel by the end of next year and the Gulf economies will start to benefit from higher prices. The news of an effective COVID-19 vaccine is clearly welcome and several countries have already approved the Pfizer vaccine for emergency use. The UAE’s economic recovery should be among those that gets the biggest boost from a COVID-19 vaccine. According to Capital Economics, Egypt’s COVID-19 has worsened this month and there is a growing risk that restrictions are tightened, which would further hold back the weak recovery. Meanwhile, Jordan’s COVID-19 outbreak has improved, but the recent tightening of measures has weighed on economic activity, Capital Economics said.

Source: The North Africa Journal December 20, 2020 03:56 UTC