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Remittance slump adds to economic headwinds

The measures to contain the coronavirus outbreak have shut down economies across the world, leading to job losses and falls in income. Migrant workers appear to have felt the brunt of this and the resulting drop in remittances will hit the economies in North Africa, Lebanon, and Jordan hard, holding back economic recoveries and adding to strains in the balance of payments.
James Swanston Middle East and North Africa Economist
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Middle East Chart Book

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23 June 2022

Middle East Economics Update

Egypt public finance risks contained… for now

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More from James Swanston

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Saudi: easing of restrictions paves way for H2 recovery

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2 June 2021

Middle East Economics Weekly

Bahrain COVID-19 surge, Oman strikes, OPEC+ meeting

The recent surge in COVID-19 cases in Bahrain – which comes despite a rapid vaccine rollout – will delay its economic recovery and serves as a warning that other countries’ vaccination campaigns have much further to run. Elsewhere, protests in Oman over the past week prompted the government to row back on some of its austerity measures, which is likely to raise concerns about rising public debt and the dollar peg. Finally, next week’s OPEC+ meeting is likely to be a straightforward affair, but we will be keeping a close eye on any comments regarding how the cartel will potentially accommodate higher Iranian oil output.

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