World Air Conditioner Market – 2021 Update - 2.8 MIDDLE EAST

The Middle East market has been hit by the pandemic and plummeting crude oil prices. The pandemic caused a rapid decline in demand, crude oil prices continued to fall, and many Middle Eastern countries fell into fiscal deficits. The International Monetary Fund (IMF) predicts that following the pandemic, the recovery of the Middle Eastern economy will be slower than in certain other regions. The long-term low price of crude oil is delaying the recovery of the Middle Eastern economy.