Losses to be counted in billions due to the coronavirus pandemic
In addition to the rising death toll and extremely heavy burden on health-care systems, the Arab region is suffering from losses of billions of dollars due to COVID-19, according to a policy brief issued on 18 March by ESCWA featuring the first economic assessment of the cost of the pandemic to the region.
Arab States’ gross domestic product (GDP) is expected to decline by at least $42 billion in 2020. In addition, more than 1.7 million jobs could be lost in 2020, with the unemployment rate increasing by 1.2 percentage points.
The ESCWA assessment also demonstrates that COVID-19 has led to a significant decline in oil prices, which, compounded with the global drop in oil prices, has cost the region nearly $11 billion in net oil revenues between January and mid-March 2020.
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