Coronavirus: Emerging markets, including #SaudiArabia, headed for recession? | ZAWYA MENA Edition

Coronavirus: Emerging markets, including Saudi Arabia, headed for recession? | ZAWYA MENA Edition:

Economies in the emerging markets (EM), including Saudi Arabia, are likely to fall into a recession or see sharply lower growth in 2020 amid widespread economic activity stoppage and quarantine measures, a ratings agency said.

S&P Global Ratings said in a new analysis released on Wednesday that emerging markets are now facing “severe stress” resulting from the global pandemic and that countries within the Asia-Pacific region are headed for the lowest growth in over two decades, at 3 percent.

“All key emerging economies that we cover will fall into recession or see sharply lower growth in 2020,” S&P said.

S&P’s emerging market classification includes Saudi Arabia, Turkey, Russia, India, China, Indonesia, Philippines, Malaysia and Thailand, among others.