EGX ends week mostly higher on Oct. 16    Egypt, Qatar sign MoU to boost cooperation in healthcare, food safety    Egypt, UK, Palestine explore financing options for Gaza reconstruction ahead of Cairo conference    Egyptian Amateur Open golf tournament relaunches after 15-year hiatus    Egypt's Kouchouk: IMF's combined reviews will give clearer picture of fiscal performance    Egypt will never relinquish historical Nile water rights, PM says    Oil prices rise on Thursday    Fragile Gaza ceasefire tested as humanitarian crisis deepens    Egypt explores cooperation with Chinese firms to advance robotic surgery    CBE, China's National Financial Regulatory sign MoU to strengthen joint cooperation    Avrio Gold to launch new jewellery, bullion factory in early 2026    AUC makes history as 1st global host of IMMAA 2025    Al Ismaelia launches award-winning 'TamaraHaus' in Downtown Cairo revival    Al-Sisi, Burhan discuss efforts to end Sudan war, address Nile Dam dispute in Cairo talks    Egypt's Sisi, Sudan's Al-Burhan renew opposition to Ethiopia's unilateral Blue Nile moves    Egypt's Cabinet hails Sharm El-Sheikh peace summit as turning point for Middle East peace    Gaza's fragile ceasefire tested as aid, reconstruction struggle to gain ground    Egypt's human rights committee reviews national strategy, UNHRC membership bid    Al-Sisi, world leaders meet in Sharm El-Sheikh to coordinate Gaza ceasefire implementation    Egypt's Sisi warns against unilateral Nile actions, calls for global water cooperation    Egypt unearths one of largest New Kingdom Fortresses in North Sinai    Egypt unearths New Kingdom military fortress on Horus's Way in Sinai    Egypt Writes Calm Anew: How Cairo Engineered the Ceasefire in Gaza    Egypt's acting environment minister heads to Abu Dhabi for IUCN Global Nature Summit    Egyptian Open Amateur Golf Championship 2025 to see record participation    Cairo's Al-Fustat Hills Park nears completion as Middle East's largest green hub – PM    El-Sisi boosts teachers' pay, pushes for AI, digital learning overhaul in Egypt's schools    Egypt's Sisi congratulates Khaled El-Enany on landslide UNESCO director-general election win    Syria releases preliminary results of first post-Assad parliament vote    Karnak's hidden origins: Study reveals Egypt's great temple rose from ancient Nile island    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Egypt reviews Nile water inflows as minister warns of impact of encroachments on Rosetta Branch    Egypt aims to reclaim global golf standing with new major tournaments: Omar Hisham    Egypt to host men's, juniors' and ladies' open golf championships in October    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



UN: Arab economies to shrink by 5.7% amid virus fallout
Published in Ahram Online on 23 - 07 - 2020

The pandemic will exact a heavy toll on Arab countries, causing an economic contraction of 5.7% this year, pushing millions into poverty and compounding the suffering of those affected by armed conflict, a U.N. report said Thursday.
The U.N.'s Economic and Social Commission for Western Asia expects some Arab economies to shrink by up to 13%, amounting to an overall loss for the region of $152 billion.
Another 14.3 million people are expected to be pushed into poverty, raising the total number to 115 million _ a quarter of the total Arab population, it said. More than 55 million people in the region relied on humanitarian aid before the COVID-19 crisis, including 26 million who were forcibly displaced.
Arab countries moved quickly to contain the virus in March by imposing stay-at-home orders, restricting travel and banning large gatherings, including religious pilgrimages.
Arab countries as a whole have reported more than 830,000 cases and at least 14,717 deaths. That equates to an infection rate of 1.9 per 1,000 people and 17.6 deaths per 1,000 cases, less than half the global average of 42.6 deaths, according to the U.N.
But the restrictions exacted a heavy economic toll, and authorities have been forced to ease them in recent weeks. That has led to a surge in cases in some countries, including Lebanon, Iraq and the Palestinian territories.
Wealthy Gulf countries were hit by the pandemic at a time of low oil prices, putting added strain on already overstretched budgets. Middle-income countries like Jordan and Egypt have seen tourism vanish overnight and a drop in remittances from citizens working abroad.
War-torn Libya and Syria have thus far reported relatively small outbreaks. But in Yemen, where five years of civil war had already generated the world's worst humanitarian crisis, the virus is running rampant in the government-controlled south while rebels in the north conceal its toll.
Rola Dashti, the head of the U.N. commission, said Arab countries need to ``turn this crisis into an opportunity'' and address longstanding issues, including weak public institutions, economic inequality and over-reliance on fossil fuels.
``We need to invest in survival, survival of people and survival of businesses,'' she said.


Clic here to read the story from its source.