Atradius’ latest report on Middle East and North Africa analyses challenges faced by the region and identifies opportunities for economic diversification to fuel future growthHONG KONG SAR - Media OutReach - 1 December 2020 - The oil-dependent economies of the Middle East and North Africa (MENA) have been dealt a fresh blow by COVID-19, but the region can limit the damage and rejuvenate growth by focusing on fiscal consolidation, technological innovation and economic diversification, according to Atradius’ latest MENA economic report. Buffeted by geopolitical challenges and a range of social issues, the MENA region — a grouping that includes the Gulf Cooperation Council (GCC) nations — has been further weakened by the pandemic and faces an unprecedented slowdown of -7.0% in 2020, the report notes, arguing that it’s in the countries’ best interests to intensify diversification efforts, which have been underway for some time now, in order to secure long-term growth. Shakeups in the oil industry have seen traditional oil exporters cede market share to the US shale industry and lose control over the price of oil while a potential easing of sanctions on Iranian oil exports poses another risk, leaving even the most financially robust GCC countries, such as Kuwait, Saudi Arabia,… Read full this story
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