DUBAI (Reuters) – Economic recovery from the coronavirus crisis in the oil-rich Gulf region will be slow, weighing on the region’s banking sector, S&P Global Ratings said.
Gulf countries fell into a sharp recession last year as the COVID-19 pandemic affected vital non-oil economic sectors such as hospitality, commerce, and real estate, while lower oil prices hurt state revenues.
Events like Dubai Expo this year and the World Cup in Qatar next year, as well as a rebounding oil market, will provide some support but growth will remain below historical levels, S&P said. Read more…..
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