SAUDI ARABIA PAINT SECTOR VIEWS RECOVERY IN SHORT AND MEDIUM TERM AFTER COVID-19 PANDEMIC ENDS
January 3rd, 2021
The Saudi Arabian paint market is rebounding after a sluggish 2020, when sales declined due to an economic downturn caused by lower oil prices and the Covid-19 pandemic, as well the trebling of value added tax (VAT) across the kingdom. The World Bank has projected that this will cause a 5.4% contraction in national GDP, a highly unusual recession in a fossil-fuel rich country used to robust growth.
“There was a positive trend until the Covid-19 situation, which had a negative effect on the whole market,” said Eyad Wahiba, area business director, Saudi Arabia ...
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