Market Research Report
Retail Savings and Investments in United Arab Emirates - Coronavirus (COVID-19) Sector Impact
|Published by||GlobalData||Product code||951632|
|Published||Content info||19 Pages
Delivery time: 1-2 business days
|Retail Savings and Investments in United Arab Emirates - Coronavirus (COVID-19) Sector Impact|
|Published: July 23, 2020||Content info: 19 Pages||
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020.
Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with most of the countries across the world registering declines in their economic growth for the year to date. Many economists and institutions have cut their forecasts as a number of countries officially slipped into recession in Q1 2020.
The ongoing pandemic has affected the UAE's economy, resulting in a fall in tourism and in the domestic consumption of goods and services. The country is expected to enter recession by the end of 2020. According to the central bank, the country's economy shrank by 1% year on year in Q1 2020, and it expects a contraction of 3.6% for the full year. However, economic activity is expected to recover in the second half of the year, supported by the government's stimulus measures as well as a rise in consumer spending with several lockdown restrictions now eased.
This report focuses on the impact of the coronavirus outbreak on the UAE's economy and the country's retail savings and investment market. It also highlights the measures adopted by the government to combat COVID-19. Based on our proprietary datasets, the snap shot contrasts GlobalData's pre-COVID-19 forecasts and revised forecasts of total retail bond, deposits, equities and mutual funds holdings in terms of value and growth rates. It also analyses the effects on HNW wealth, examining the importance of different industries as a contributor to HNW wealth.