3.8 MIDDLE EAST

The World Bank’s annual report pointed out that economies in the Middle East and North Africa region were expected to shrink by 4.2% in 2020. Due to the pandemic, the collapse of global oil prices and tourism, and a reduction in foreign remittances, the economic output of the oil-exporting countries in the developing countries in the region shrank by 5.0%. In comparison, the economies of the Gulf Cooperation Council (GCC) countries shrank by 4.1%.