Virus Recovery Takes W-Shape for Three Biggest Arab Economies
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Business conditions took a turn for the worse in the three biggest Arab economies, a deterioration accompanied by job losses that accelerated to a record pace in the United Arab Emirates.
After having stabilized in July, a measure of non-oil private sector activity in Saudi Arabia, Egypt and the UAE worsened in each country last month and was below the threshold of 50 that separates growth from contraction, according to Purchasing Managers’ Index surveys compiled by IHS Markit.