The impact of the novel coronavirus on the global economy is growing and continues to shock the markets in unprecedented ways. On April 20, we have seen US crude oil prices drop to below zero for the first time in 150 years. With COVID-19 continuing to spread across the globe, what does this mean for GCC economies and banks?
S&P Global Ratings acknowledges a high degree of uncertainty about the rate of spread and peak of the COVID-19 outbreak. Some government authorities estimate the pandemic will peak about midyear, and we are using this assumption in assessing the economic and credit implications. As the situation evolves, we will update our assumptions and estimates accordingly.
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