Arab Economy Can Be Shrink By 5.7 Percent!

Arab Economy Can Be Shrink By 5.7 Percent!

According to the report on the effect of the new type of coronavirus (Covid-19) epidemic published by the United Nations (UN) in the Arab countries, the Arab economy may shrink by 5.7 percent. The UN has released a report on the impact of the Covid-19 outbreak on Arab countries, which caused a global economic crisis. According to the report, the outbreak will have a prolonged and severe economic impact in Arab countries with a population of 436 million. The report emphasized that the International Monetary Fund has lowered the economic forecast of the Middle East and North Africa to the lowest level in the last 50 years. While the biggest reason for this situation was stated as the epidemic and the decrease in oil prices, it was stated that the Arab Stock Exchange fell 23 percent in value. According to the report in question, the number of people suffering from poverty in the Arab countries may exceed 115 million with the addition of 14.3 million new people. In the report, which stated that this number corresponds to 25 percent of the population, it can be noted that there may be a serious price increase in food-importing regions. The report stated that the 5.7 percent shrinkage in the regional economy due to the epidemic coincided with an income loss of $ 152 billion. The report, which also includes the estimates of the International Labor Organization, noted that 17 million people could lose their jobs and the situation would mostly affect migrant workers. The report reported that 74 million people are at risk of catching viruses due to poor hygiene conditions. In addition, it is stated that 832 thousand cases have been identified in Arab countries so far and 14 thousand people have died.