Tip: Activate javascript to be able to use all functions of our website

Recession in the Gulf spells trouble for many developing and emerging economies

News from 2020-05-18 / KfW Research

The Middle East is currently being hit by a twin crisis, the coronavirus pandemic and collapsing oil prices. The key sectors behind oil – retail, hotels, transport and tourism – have been hit particularly hard. As a result, the countries also have less money to invest. The Gulf region is one of the largest employers for workers from developing and emerging economies. The crisis in the Gulf could lead to a 20% drop in remittances. This will hit many recipient countries hard, as it will lead to a decline in income and foreign currency.

Recession in the Gulf spells trouble for many developing and emerging economies  (PDF, 114 KB, non-accessible)

Contact

KfW Research

KfW Group

Palmengartenstrasse 5-9

60325 Frankfurt

Germany

eMail

research@kfw.de

Economic Research

Economic Research

Economic development in Germany and around the world, studies on topics relevant to society such as environmental and climate protection, demography, globalisation, innovation and sustainability, impact of KfW promotional programmes.

Read more