Coronavirus: Middle East unemployment to spike amid regional recession, says IMF

Coronavirus: Middle East unemployment to spike amid regional recession, says IMF

It said the combined shocks of the virus and low oil prices will shave off $323 billion, or 12 percent, of the Arab world's economy - $259 billion of that from the energy-dependent Gulf states alone.. Oil prices at the levels could result in more than $230 billion in lost annual revenue by Arab oil exporters plus Iran, it said.. To mitigate the impact, regional nations should bolster social safety nets, and provide temporary and targeted tax relief and subsidies, while monetary and financial policies should ensure liquidity in the system, the IMF said.. The economies of the countries are expected to be hit particularly hard by the pandemic, the IMF said..