Hundreds of millions, if not billions, of people have been put out of work and the result is a massive loss of output and a collapse in the demand for goods and services. There is great uncertainty regarding the development of therapeutics and prevention; health services face massive pressure and many countries have abandoned orthodox economic policies to support households, firms, and financial markets. Conventional economic theory has once again been put to the test and found wanting. The Middle East has been hit by two large overlapping shocks: COVID-19 and the collapse in oil prices.
