Question

How has covid impacted the world economy and Qatar's economy?

Answer 1

The global economy is have worsen due to the coronavirus pandemic as the countries face a wave of virus.The commerce minister of Qatar said , a recovery is forecasted somewhere between a 'U' and 'V' shape.More than 29 million people are infected in the whole world by the virus and more than a million people have died. Governments had restricted people in home and stopled businesse under strict restrictions to prevent the virus from spreading.

The global pandemic had made a huge impact on worl economy, with economic output breaking and financial markets lowering as restrictions are made on travel, leisure and social life. Aflow of new infections from Australia to Israel has raised uncertainty as to when the global economy will recover from the corona virus that has seen many industries grind.

Kuwari, the commerce minister of Qatar said that he expected recovery to be faster than a progressive return but slower than a sharp increase, but adviced it would depend on when a vaccine for the virus is found.However,Qatar’s economy is the less affected in between GCC economies duding COVID-19 pandemic that led to an unmatched decrease in economic activities in 2020.

As per the IMF report, Qatar’s economy is expected to shrink by 4.5 percent, which is the lowest contraction compared to any other GCC country
The IMF’s prediction of 4.5 percent decrease in Qatar's economy, is higher than the decrease in forecast of 4.3 percent in April.Also it mentioned that, Qatar will followed by Bahrain where it is expected to see its economy decrease by 4.9 percent against April's increased forecast of 3.6 percent.