The fast-spreading new strain of coronavirus is reminding Middle Eastern and other economies just how much they rely on China for business.
Ehsan Khoman, head of MENA Research and Strategy at Japanese bank MUFG in Dubai, said that while uncertainty over the crisis' duration makes it hard to quantify its longer-term economic impacts, anything that impacts Chinese demand for foreign exports will have a major effect on the Middle East's economies.
"Should lower oil prices endure, then this will be a testing period for MENA regional hydrocarbon exporters... with lower economic growth, fiscal consolidation and potential credit rating downgrades on the table," a February report from MUFG wrote.
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