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While Morocco was severely impacted by the pandemic, it is projected to return to positive growth in the near term.

Oman’s economy was heavily reliant on hydrocarbons when the pandemic began, creating fiscal pressures as demand and prices fell. 

The disruption to daily life created by the pandemic has precipitated an acceleration of the digital transformation process already under way in the corporate sector in Qatar, with private firms waking up to the potential to enhance productivity and generate new revenue streams through digital solutions.

The shift away from hydrocarbons and towards sustainable forms of energy continued in 2021, with new renewable generation capacity set to reach an all-time high and the international community committing to reduce carbon emissions at the latest UN Climate Change Conference (COP26). For emerging economies, this transition heralds a specific set of challenges – as well as potential benefits.

While Asia witnessed a return to growth following the economic uncertainty of 2020, a number of factors such as supply chain bottlenecks, weak global demand and the persistence of Covid-19 somewhat hindered the region’s economic recovery in 2021.

COP26 has focused the world’s attention on the need for a more sustainable economic model that ensures profits and growth are not achieved at the expense of ecological health and social well-being.