In what ways has Covid-19 affected asset quality and profitability in the banking sector, and to what extent are stimulus measures by the UAE government facilitating recovery?
The Middle East
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Many of the emerging world’s mass transit systems have seen demand nosedive as a result of the coronavirus pandemic. Lockdowns, social distancing and remote working – as well as fears around an increased risk of infection in enclosed spaces – have led to dramatic reductions in passenger numbers, but also innovative ideas for enhancing safety measures and generating new revenue streams.
With the world’s gaze increasingly trained on the upcoming US elections, emerging economies are also grappling with the question of how to facilitate voting in the midst of the coronavirus pandemic.
Amid global travel restrictions, social-distancing protocols and prohibitions on mass gatherings, the world’s meetings, incentives, conferences and exhibitions (MICE) segment has been forced to adapt to the pandemic, with some events shifting online and others being deferred.
As various countries contend with a second wave of Covid-19 outbreaks, many emerging markets are pinning their hopes on a vaccine that will allow them to confidently reopen their economies without the fear of limited health services being overwhelmed.
The proliferation of digital innovations that allow people to work from home and make transactions online has been key to mitigating some of the challenges of the coronavirus. However, this digital shift has also heightened the threat of cyberattacks, particularly in emerging markets.