March 2, 2020 / 9:32 AM / a month ago

Japan's MUFG cuts Middle East growth forecasts due to coronavirus

DUBAI, March 2 (Reuters) - Japan’s Mitsubishi UFJ Financial Group Inc (MUFG) has cut its growth forecast for the Middle East and North Africa for 2020 to 2.1% from 2.8% previously because of the impact of the coronavirus outbreak on the region, it said on Monday.

For the Gulf Cooperation Council (GCC) region, the Japanese financial group has cut growth expectations to 1.7% from a previous 2.5%, MUFG said.

It said the Middle East will be impacted because of slowing Chinese energy demand, slowing tourism flows, disruptions to supply chains affecting trade, and lower oil prices. (Reporting by Davide Barbuscia; Editing by Toby Chopra)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below