Climbing unemployment is a major specter for Egypt.
The April 20 Netanyahu-Gantz agreement legitimized the possibility of an Israeli law that will act as a unilateral annexation of parts of the West Bank to start as early as July 1, based on the controversial Trump Middle East plan. Articles 28 and 29 of the deal condition such annexation on the “consent of the Trump administration” and note that such a move would only be possible if the annexation preserves “the security and strategic interests of the state of Israel including the need to keep regional stability, keep existing peace agreements, and pursue future peace agreements.”
President Vladimir Putin’s plans to change Russia’s Constitution and stay in power beyond 2024 have been hampered by COVID-19 and the oil price crash.
The amendments have been designed to provide relief on both the individual and corporate levels.
Lebanese citizens are growing increasingly frustrated with a lack of concrete results from Diab’s self-styled “government of independent experts.”
With the coronavirus sucking almost all of the oxygen out of the world’s news, it’s no wonder that Israel’s ongoing political crisis hasn’t received more coverage. But while the outside world is otherwise occupied, Israel, besides battling corona itself, is serving as a poster child for dysfunctional (yet democratic) government.
The April 12 OPEC+ deal to cut oil production that ended the disastrous five-week Saudi Arabia-Russia price war is a short-term fix for the global industry, but will not resolve the larger problem of over-production. The price war heightened animosity between Riyadh and Moscow and calls into question whether the OPEC+ partnership will ever be the same again.
In an effort to boost its economic competitiveness, Qatar is hedging its bets on emerging technologies. The Gulf sheikhdom, eager to diversify its gas-dependent economy, is cultivating various technological areas, notably artificial intelligence (AI).
COVID-19 presents a major threat to the global economy and the health of millions of people around the world, but its impact on Iran, one of the early epicenters of the outbreak, has been particularly severe.
Both the coronavirus crisis and Israel’s year-long political crisis seem set to continue for the unforeseeable future.
Egypt’s three top sources of foreign revenue — tourism, remittances, and the Suez Canal — are likely to be hard hit by the crisis.
Despite his support, al-Kadhimi’s path to obtain confirmation of his cabinet from the Council of Representatives is riddled with challenges.
The new cuts will likely not do much to shore up oil prices.
The Middle East is facing an unexpected turning point. The region will not look the same after COVID-19 as it did before it. The geoeconomics and geopolitics of the world are in free fall because of COVID-19, the oil price war, and a severe economic shutdown. For the Middle East and the Gulf monarchies in particular, the oil price war against Russia and U.S. shale and the shutdown of economies around the world have increased the pressure on the Gulf’s already-depleted financial resources, which usually act as a safety valve for the turbulent region.
Saudi Arabia’s recent decision to call for an urgent OPEC+ meeting was driven by a simple logic. In spite of its obvious advantages over other oil producers, the kingdom is still taking serious risks as it pursues an oil price war.