Retail Savings & Investments in UAE: Coronavirus (COVID-19) Sector Impact
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 key markets across the world losing 20-50% of their value for the year to date. Many economists and institutions have cut their forecasts, with consensus global GDP growth currently at 2.6% for 2020 and many experts predicting the potential onset of recessionary environments.
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’s GDP has been revised downward for 2020 due to the economic disruption caused by Coronavirus. There has been a sharp rise in the cancellation of flights, hotel bookings, and major upcoming events across areas including music, entertainment, art, and sport as a direct result of the outbreak and worldwide restrictions on travel.
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.
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