2021-06-23-牛津经济研究院-MENA_Coronavirus_tracker_for_the_GCC_–_June_update_5页_261kb

Summary of MENA Weekly Economic Briefing: GCC Coronavirus Tracker - June 2021

Key Updates

• GCC Countries: Bahrain and Oman reimposed strict lockdowns and travel restrictions due to COVID-19 surges, with Bahrain extending lockdown until at least July 2nd and Omani hospitals facing capacity issues. Kuwait and Abu Dhabi eased restrictions for vaccinated individuals, allowing access to public venues. Qatar moved to a second reopening phase.
• Vaccination Concerns: UAE and Bahrain allowed Sinopharm recipients to receive Pfizer boosters amid concerns over vaccine efficacy, driven by rising cases in these countries and others like Seychelles and Maldives.
• Tracker Methodology: Uses Google location data, STR hotel occupancy, and high-frequency metrics like PMIs and financial data to monitor the pandemic's impact.
• Economic Impacts: Data shows MENA and GCC regions still facing challenges in economic recovery, with varying reopening paces and COVID-related disruptions affecting GDP and inflation rates.
• Upcoming: OPEC+ meeting on July 1st to discuss oil policies.

Economic Forecasts

• Tables detail real GDP growth, inflation, current account balances, and fiscal indicators for MENA and GCC countries, highlighting ongoing economic headwinds despite partial re-openings.