Arab News : 2020-07-01

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Since 1975 WEDNESDAY, July 1, 2020 Dul Qaada 10, 1441 www.arabnews.com Sudan on the boil again Dubai AFP Report Page 7 ‘The risks to recovery came from a second wave of infection, a deeper global slowdown, and geopolitic­al tensions.’ jection for 2020 was the responsibi­lity of official statistici­ans, but the economy was down 1 percent in the first three months of 2020. “There certainly has been a recession, but there is no need to be that pessimisti­c,” he said. The Kingdom had emerged from strict lockdowns imposed in March, economic activity had returned to pre-pandemic levels and retail sales had surged ahead of Wednesday’s increase in VAT, Alkholifey said. The risks to recovery came from a second wave of infection, a deeper global slowdown, and geopolitic­al tensions, he said, and the main impact on Saudi business would be seen when the central bank’s multibilli­on-dollar support packages ended. IMF Middle East director Jihad Azour said measures taken by Gulf states to mitigate the effects of the pandemic had been “acceptable” at about 2-3 percent of GDP, and capital flight was being reversed. • • Page 9 Page 9 TheBrief 2 Riyals • Vol. XLV No. 209 • 16 pages A kilo of lamb now costs 80,000 pounds, up from 30,000 two months ago, and a kilo of beef has increased from 18,000 pounds to over 50,000. 27 > 9 771319 833016

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