The coronavirus is destroying the economy of Gulf countries as the plunge in oil prices takes place against the backdrop of a pandemic
The deep plunge of oil prices and the novel coronavirus pandemic are proving disastrous for the oil-rich Middle Eastern countries.
Many countries in the region have been trying to distribute their incomes to other sectors such as tourism and technology. While lower crude prices have put pressure on governments to generate non-oil revenues and fix their finances, “the effect of lower hydrocarbon revenue is yet to be fully offset,” the IMF said in a report.
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