The construction output growth forecast for the region for 2020 has been cut to -4.5% from the previous estimate of -2.4%, stated Globaldata in its report. This reflects signs that the Covid-19 lockdowns and other restrictions had a more severe impact on construction activity than previous expected, it added. Yasmine Ghozzi, Economist at GlobalData, said: "Spending is likely to gather some further momentum in the near-term as more parts of the region’s economy reopen. However, a further weakening in the labour market and a potential drop in expat numbers - mainly in the GCC - are likely to weigh on consumer spending in the period ahead, affecting future construction plans." She cautioned that fiscal deficits and public debt levels will be substantially higher in 2021. "Public investment is likely to be moderate, which will ...read more...