Oman Observer
MUSCAT, March 26 – A new report, Economic Update: Middle East Q1 2021, compiled by Oxford Economics and commissioned by ICAEW, predicts that the rollout of coronavirus vaccines should allow a return to relative normality in the Middle East in the second half of 2021, while much of the region’s economies will benefit from higher commodity prices and stronger external demand.
According to the Economic Update report, the Middle East’s GDP forecast for this year stands at 2.5 per cent, similar to the average pace from 2010 to 2019 (2.6 per cent). This follows the unprecedented decline seen in 2020, estimated to be 5.2 per cent.
The report observed that 2021 has got off to a slow start for the global economy due to containment measures aimed at bringing Covid-19 numbers under control.