Arab Countries’ Losses Amounts $1.2 trillion Due to "Corona"

  • Arab Countries
  • 6 May 2020

A report issued by the League of Arab States showed that the Corona pandemic caused violent economic effects on the Arab economy, as the total losses so far amounted to about 1.2 trillion dollars, amid expectations that some 7.1 million workers will lose their jobs.

In this regard, the League of Arab States called for the creation of a crisis fund that could push for the alleviation of the force majeure.

The report highlighted short and long-term repercussions, and the impact of these implications on the health, agriculture, food, and development sectors.

According to the report on the economic effects of the Coronavirus on Arab countries in the long term, the current crisis has had a negative impact on economic growth in the Arab countries, disclosing estimates that include data from «ESCWA» for the economic losses and costs of the crisis, amounting to $1.2 trillion so far, in addition, the report expected 7.1 million workers to lose their jobs by the end of the year.

In detail, the report revealed that the losses came as follows: losses totaling $420 billion in market capital, losses of $63 billion in income (gross domestic product) with member countries, additional debts of $220 billion, and a loss of $550 million per day of oil revenue, a decline in exports of $28 billion, a loss of more than $2 billion in revenue from tariffs, and a loss of about 7.1 million jobs in 2020.

Source (Al-Sharq Al-Awsat newspaper, Edited)

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