The Middle East should Remain Resilient during COVID-19 and Focus on Long-Term Recovery Plans: ICAEW

A recent report commissioned by the Institute of Chartered Accountants in England and Wales (ICAEW) on the outlook for the Middle East, indicates that economies in the region could decline as much as 7.6% year-on-year (YoY) in 2020, much steeper than the ICAEW’s April 2020 estimate of 3.9% YoY.

According to the ICAEW, the outlook for non-oil economies across the Gulf Cooperation Council (GCC), that are highly dependent on tourism, remains challenging, given that travel restrictions are likely to be in effect for a while. Meanwhile, oil producing countries are dealing with the impacts of the massive decline in oil prices during March and April 2020, with total exports across the GCC forecast to decline between 6.0-...