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16-05-20
25 percent drop for main Arab stock markets in first quarter
(MENAFN)
A study showed that the outbreak of coronavirus along with unprecedented changes in the prices of oil have resulted in a decline of around 25 percent in main Arab stock markets in the starting quarter of 2020.
The UN Economic and Social Commission for Western Asia (ESCWA) and the Union of Arab Banks has conducted the story that showed that the increased volatility in the oil markets and the coronavirus outbreak "have lowered investors' appetite for risk and decreased trading in stock markets, investment, tourism and remittances inflows, rendering future growth prospects bleak".
Rola Dashti, ESCWA Executive Secretary, has urged the Arab sovereign wealth funds to help in boosting the economic recovery in the region.
Dashti said that "This would actually be a win-win measure, as shifting part of these funds' global investments towards Arab economies would ease the pandemic's repercussions and reduce rampant unemployment, while limiting Arab funds' exposure to the volatility of international financial markets".
MENAFN1605202000450000ID1100172032
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