Middle East and North African economies have been hit by dual shocks during the past two months, notably the coronavirus pandemic and lower oil prices. But as the global impact of the crises bites, so another financial shock is looming - a drop in remittances from overseas workers. Daniel Lederman, World Bank deputy chief economist, in a video conference with journalists, said: “In two weeks our estimates almost doubled as global economic conditions worsened, and government responses became clearer. Saudi's shock oil moveThe impact of the coronavirus pandemic was exacerbated by a second shock to the world's economy: the decision by Saudi Arabia in March to dramatically increase oil production and slash oil prices. The World Bank projects a 10.9 percent contraction in the overall Lebanese economy.

Source: The North Africa Journal April 16, 2020 10:07 UTC