Sooner or later, this coronavirus epidemic is affecting the world with its growing number of cases as reported. In the mid of this crisis, the economy of the world is affecting the lives of all nation. As per the recent report, the Arab Tourism Organisation has predicted a loss of $40 billion in the sector of tourism by the end of this April. These estimated reports don’t include the indirect damage caused, for example, the layoff of a thousand employees, compensation and assistance grants newly employed and the airlines.

At the time, the countries are split between those wealthy and hold enough foreign currency reserves that can help in funding impressive economic assistance plans, and the poor are now seeking to figure out to finance the on-going essentials. The two simultaneous wars being fought right now: One is the part of the government that is trying to protect the country economy and the other-private citizens, who are seeking for an alternative in the crisis of government’s powerlessness.

Oil prices, tourism and capital markets are hit by the coronavirus have a huge impact on the Gulf Economy, Mohammed Damak of S&P Global Rating said.

The Middle East nations rely heavily on the oil revenues, while Saudi Arabia and the UAE will have a major hit in tourism if it affects the Expo 2020 Dubai respectively. As per the CNBC report the Oil prices, tourism and the capital market have been affected by the hit of coronavirus have an impact on the Gulf economies.

The oil reserve is one of the principal export products of the Gulf Cooperation Council countries and the prices have dramatically fallen due to the impact of this COVID-19.

“Crude futures plunged more than 20% after Saudi Arabia said it would raise production and give a discount on its oil. As per the report, Brent crude was down by 6.01% at $33.64 a barrel, while U.S. crude traded at $31.15 a barrel, down 5.55%” report by CNBC.

What about Travel and Real Estate?

The Middle East is known for its Travel and the Real Estate market, and the nation attracts more than 17 million visitors every year, and this year it hoped to attract 25 million travellers to Expo 2020 Dubai in October – Mohammed Damak said in a statement. Saudi Arabia receives 20 million tourists annually and most of them come for the religious purpose.

“Damak said, at this stage, it’s difficult to tell if Expo 2020 and the pilgrimage season-which starts in July — will be affected by the virus outbreak.”

The Nation has temporarily suspended all the entry for Umrah, and visit the Prophet’s Mosque, an important site for Muslims. If the current scenario doesn’t go right, then the economic impact on the Middle East would be higher than expected.