Nearly twice as many CEOs in the Gulf Region have a bleak view of post-coronavirus economic recovery compared to the global average. C-suite leaders in the Gulf Region do not expect growth to resume until 2021, according to the graphic above from The Conference Board.
The COVID-19 crisis impacted the Gulf Region in parallel with the oil crash in April. Gulf Region oil producers were faced with low oil demand and extreme price fluctuations, compounding the long-term impact from COVID-19 on business.
The IMF predicted in June that these countries would see their economies shrink by 7.6% this year due to the double crises of the pandemic and oil industry crash. But the shock prompted a swift response: Countries in the region are setting records for having tested nearly 50% of their populations. And the Gulf Region has shown a significantly higher COVID-19 recovery rate than the global average at 75% — the global average is 57%.