The UN Financial and Social Fee for Western Asia (ESCWA) mentioned on Wednesday that an estimated 1.7 million jobs can be misplaced within the Arab world in 2020 due to the outbreak of COVID-19.

“More than 1.7 million jobs could be lost in 2020, with the unemployment rate increasing by 1.2 percentage points … Activities in the services sector specifically will be reduced by half,” mentioned an ESCWA report.

The Arab states’ GDP is anticipated to say no by no less than 42 billion U.S. {dollars} in 2020, the report famous.

“We are under a global health threat which may alter the world as we know it. Its impact on people’s lives and families, on our children’s education, on our health systems and on our planet are yet to be revealed,” mentioned Rola Dashti, government secretary of ESCWA.

The novel coronavirus has led to a major decline in oil costs, which, compounded with the drop in oil costs, has price the area practically 11 billion {dollars} in web oil revenues between January and mid-March, based on the UN company’s report.

Between January and mid-March, the Arab area’s companies misplaced 420 billion {dollars} of market capital, equal to about eight % of the entire market capital within the area, the report mentioned. Enditem