Arab economies are at record lows but saw improvement in May
IHS Markit purchasing managers’ index surveys show Saudi Arabia, Egypt and the UAE still below 50, indicating contraction
03 June 2020 - 11:30
Dubai — Business conditions in the Arab world’s three largest economies deteriorated at a slower pace in May as governments began to lift some lockdown restrictions while companies adjusted by slimming down staff and cutting salaries.
Following a pandemic-driven plunge, non-oil, private-sector activity improved in Saudi Arabia, Egypt and the United Arab Emirates (UAE), according to purchasing managers’ index (PMI) surveys compiled by IHS Markit. The gauge in each country still remained below the threshold of 50 that separates growth from contraction...
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