– Global supply chains severely disrupted by Covid-19
– Multinationals turn to China +1 and nearshoring
– Worldwide increase in regionalisation and localisation
– Major regional trade deals signed or accelerated
The Middle East Economy
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– Economies in the region were hit by reduced trade volumes and lower oil prices
– Governments launched extensive stimulus packages to stabilise their economies
– Short-term recovery will be tied to oil prices and the resumption of travel
– The pandemic looks set to accelerate economic diversification efforts
Economic view | Salem Yousef Al Qaseer, Chairman, Labour Standards Development Authority (LSDA)
15 Dec 2020
What steps and measures has the LSDA put in place to limit the spread of Covid-19 and mitigate its social and economic impact?
With the global plant-based meat industry experiencing continued growth despite the disruption of the Covid-19 pandemic, several emerging regions are expected to see a boom in the segment that will outlast the virus.
While many Gulf nations were already working to diversify their economies prior to the coronavirus pandemic, the subsequent economic downturn and collapse in oil prices has meant that governments in the region have had to reassess and – in some cases – accelerate their strategic plans.
Debt management has become a key challenge for many emerging markets as the coronavirus pandemic continues, with major creditors debating the suspension and perhaps even reduction of debt.