Banker Middle East: Volatility And Downward Pressure
April 21, 2020
COVID-19 has had an unprecedented domino effect on economies. Governments, multi-national organizations, and central banks have all rallied to contain the repercussions of the pandemic.
"The pandemic has put an abrupt end to one of the longest bull-runs in history" said Mathieu Vasseux, Head of Financial Services (Middle East). He explained, "The massive gains of 2019, with many markets gaining 30 percent have already been erased.”
"The impact of COVID-19 will lead to a steep deterioration of credit quality as corporate revenues and personal incomes face a deep decline due to travel restrictions and quarantine measures seen across the globe including the Middle East;' said Vasseux.
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