The Middle East

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Chapter | Economy from The Report: Sharjah 2021

While the global economic slowdown in 2020 triggered by the Covid-19 pandemic put downward pressure on GDP growth in Sharjah, there is cautious hope for a rebound in...

Sharjah has one of the most diversified economies in the UAE, with a strong foundation in industry and manufacturing. Approximately 95.8% of its economic activity was derived from non-oil sectors in 2019, positioning the emirate to absorb much of the impact of the Covid-19 pandemic.

Despite an increase in crop production and international trade following a pandemic-disrupted 2020, global food prices have risen to 10-year highs, increasing pressure on many emerging markets.

Saudi Arabia’s tertiary education system is underpinned by a strong network of 29 public universities across the Kingdom, which account for 81% of student enrolment.

Amid the global economic downturn linked to the pandemic, Qatar was able to draw on its strong track record of fiscal surpluses and its robust sovereign credit rating to fund an integrated and effective policy response that alleviated the most severe pressures on vulnerable businesses and households, and maintained economic stability.

The global oil industry had yet to recover from the price crash of 2014-15 by the time the pandemic hit in early 2020, which meant that upstream operators and service providers were already grappling with cost-related challenges and falling profit margins.

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