Middle East ETF News Older than One Year
World Bank-MENA Economic Update: Trading Together-Reviving Middle East and North Africa Regional Integration in the Post-COVID Era
October 19, 2020-- The combination of a COVID-19 pandemic and a collapse in oil prices has affected all aspects of the economies in the Middle East and North Africa (MENA). The region's economies are projected to contract by 5.2% in 2020, which is 4.1 percentage points below the forecast in April 2020, and 7.8 percentage points worse than that of October 2019, reflecting an increasingly pessimistic outlook for the regional economy. The region is expected to recover only partially in 2021.
The outlook for MENA's current account and fiscal balances also deteriorated sharply. Driven largely by lower oil export revenue, a drop in fiscal revenue, and the large increase in fiscal expenditure required to respond to the health crisis, the region’s current account and fiscal balances in 2020 are forecast at -4.8% and -10.1% of GDP respectively, much worse than the forecasts in October 2019. Public debt is projected to rise significantly in the next few years, from about 45% of GDP in 2019 to 58% in 2022.
IMF-Regional Economic Outlook: Middle East and Central Asia
October 19, 2020--The coronavirus disease (COVID-19) pandemic continues to sweep across the region, though countries are cautiously proceeding with reopening. The necessary public health response to the pandemic has greatly decreased mobility and has come at a steep economic cost. As a result, real GDP in the region is projected to fall by 4.1 percent in 2020.
This contraction is 1.3 percentage points larger than projected in April 2020. With global recovery subdued, downside risks continue to dominate the outlook as the pandemic continues to test countries. Ensuring adequate resources for health systems and correctly targeting support programs are still immediate priorities. In the near future, governments and policymakers need to continue to act decisively to secure jobs, provide liquidity to businesses and households, protect the poor, and put in place a carefully designed economic road map to recovery. Further actions will be necessary to address pressing vulnerabilities in countries with limited fiscal space to ensure a smooth recovery while maintaining macroeconomic sustainability.
view the IMF-Regional Economic Outlook: Middle East and Central Asia
Source: IMF
MENA: Global Action is Urgently Needed to Reverse Damaging Jumps in Extreme Poverty
October 9, 2020--Extreme Poverty Rate in the Middle East and North Africa nearly doubled between 2015 and 2018
For the second time, the rate of extreme poverty in the Middle East and North Africa (MENA) region jumped again, nearly doubling between 2015 and 2018, according to a new World Bank report.
The World Bank's biennial Poverty and Shared Prosperity report finds that the rate of extreme poverty in the MENA region rose from 3.8% in 2015 to 7.2% in 2018- the latest year for which data is available. This followed another rise in poverty in the region from 2.3% to the levels in 2015. According to the report, the latest jump in poverty in MENA was driven largely by the effects of ongoing conflict in Syria and Yemen, but this does not fully account for the economic downturn in Lebanon.
view the World Bank Reversals Of Fortune Poverty and Shared Prosperity report
Source: World Bank
Dubai's DFM says to launch equity derivatives platform
September 29, 2020--The Dubai Financial Market DFM.DU said on Tuesday it plans to launch an equity derivatives platform as part of its diversification strategy. The platform will be launched in October 2020 with futures contracts on five listed equities, the listed stock exchange said in a statement.
Source: reuters.com
Saudi economy to bounce back in 2021; S&P affirms A-/A-2 ratings
September 27, 2020--'Relatively strong' government, external balance sheets to support ratings
Ratings agency S&P has affirmed Saudi Arabia's sovereign ratings at A-/A-2 with a stable outlook, as it expects the kingdom to begin to bounce back from the slump caused by the coronavirus pandemic and low oil prices in 2021.
Source: zawya.com
Saudi inflation will remain high until mid-2021, hampering economy
September 17, 2020--The kingdom's headline inflation rate for August is the highest inflation reading since 2011.
Saudi's high inflation will remain elevated until the middle of next year and, combined with the suspension of the Cost of Living Allowance, will act as a major drag on households' real incomes, according to UK-based Capital Economics.
Based on these factors, the research firm has also warned of a weak economic recovery.
Source: zawya.com
Wealthy investors in Middle East prefer ESG investments-UBS
September 16, 2020--Wealth manager says sustainable investments can deliver similar or higher returns to traditional portfolios
The world's biggest wealth manager, UBS, said that sustainable investments are now the firm's preferred solution for private clients investing globally. UBS claims that it is the first major global financial institution to make this recommendation.
Source: zawya.com
Middle East's fintech market poised for growth despite COVID-19: KPMG
September 8, 2020--Investor interest remains strong despite overall slowdown in deal activity
Investor interest in the Middle East's fintech sector remains strong despite the uncertainty arising from the coronavirus pandemic.
The latest analysis from KPMG revealed that markets in Europe, Middle East and Africa (EMEA) saw deals worth $4.6 billion in the first half of 2020, with the region sprouting new early-stage fintech hubs. Across the globe, fintech investments hit $25.6 billion through the 1,221 deals recorded from January to June this year.
Source: zawya.com
Saudi GDP fell in Q2 and economic recovery will be slow-report
September 8, 2020--Saudi Arabia's economic recovery has faltered in recent months and it is likely to remain gradual, with Capital Economics, a London-based ecnomic research firm, estimating that the kingdom's GDP fell by 13 percent y-o-y in Q2.
Jason Tuvey, Senior Emerging Markets Economist, said, "Overall, after recording a contraction of 1.0 percent y-o-y in Q1, we estimate that the Saudi GDP fell by 13 percent y-o-y in Q2 (data due in late September).
Source: zawya.com
All GCC stock markets gain in August despite Q2-2020 earnings setback
September 2, 2020--Saudi Arabia and Oman benchmark indices had lowest YTD-2020 declines, says Kamco Invest
Source: zawya.com
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