Asia and Middle East face twin shock of virus and oil price drop as global recession looms – The National

Asia and Middle East face twin shock of virus and oil price drop as global recession looms – The National

The outbreak will be particularly daunting for the region's conflict-torn states - Iraq, Sudan and Yemen, IMF says. The impact of oil prices plunging and the acceleration of the coronavirus pandemic on Central Asia and the Middle East has been "substantial" and could intensify with the fallout set to be equal or worse than the global financial crisis more than a decade ago, as the global economy heads into recession, the International Monetary Fund said.. The difficulty of preparing weak health systems for the outbreak in these states could be compounded by reduced imports because of disruptions in global trade, he added.. The pandemic has infected nearly 382,000 people worldwide, killed more than 16,500, with 102,000 recoveries, according to Johns Hopkins University , which is tracking the coronavirus outbreak.. The region's oil exporters face the additional shock of plummeting oil prices.. The global outbreak is forcing countries to close borders and impose lockdowns to stem the spread of infection.. Subsequent travel restrictions have reduced the global demand for oil, and the failure of the Opec+ group to reach a production cut agreement earlier this month has led to a glut in oil supply.. Oil prices have slumped more