Corona has left devastating effects on the exhausted Yemeni economy
English - Monday 08 November 2021 الساعة 01:39 pm
Aden, NewsYemen, Exclusive :
The volume of imports of non-oil goods and services in Yemen decreased in 2020, to one billion and 542 million dollars, with a decline rate of 43% from 2019, which amounted to two billion and 689 million dollars.
The study "Analysis of the Social and Economic Effects of the Corona Pandemic in Yemen" said that the volume of exports of goods and services decreased to 384 million and 518 thousand dollars in 2020, a 38% decrease compared to 621 million and 100 thousand dollars in 2019.
International Monetary Fund estimates indicate a decline in imports of goods and services in Yemen in 2020 by 30.2% compared to 2019, which is one of the highest levels of decline compared to many Arab countries.
According to the UNCTAD secretariat's calculations, Yemen needs five years to return to what it was in 2019 in terms of per capita GDP.
The study, issued by the Ministry of Planning and International Cooperation and funded by UNICEF, indicated that the statistical data for the year 2020 indicate a decrease in the proportion of cash transfers by Yemeni expatriates to the gross domestic product from 23% in 2019 to 11% in 2020.
It was also reported that remittances to Yemen through Al-Kuraimi Islamic Bank, one of the most important remittance institutions, decreased by 70% in March 2020.
Money exchange shops confirm that remittances have remained low throughout 2020, and these heavy losses in income have affected Yemen's battered economy.
The decrease in remittances was accompanied by a significant decrease in household income, with the poorest households most affected, with significant spillover effects on production, diets and employment.
