An-Najah News - Nablus - Economist Mazen Irshaid stressed that approximately (80-85%) of global production is stalled in most parts of the world, which will affect the purchasing power even after the end of this crisis, and will affect the ability of governments to ease financial pressures on companies, institutions and individuals, which are relative effects according to the financial capabilities of each country.

“It is too early to determine the number of companies that will declare bankruptcy or close their factories, but things will not be easy since the closures included everyone and caused billions in losses around the world, and it is important to focus on supporting companies and small institutions,” He said in an interview with An-Najah News.

This type of company constitutes 90% of the companies present in the world and only 10% of companies can support themselves, and it is not necessary to support them directly, but rather by postponing tax payments, paying debts, and reducing participation rates in social security.

Speaking about the (OPEC +) conference, he said: “If there is no agreement, there will be a significant decline in oil prices, which is a good thing for countries like Palestine and Jordan, but it will have negative repercussions on the global economy, especially on the Arab Gulf region that depends on more than 90 % of its oil revenues and its treasury are linked to oil revenues.”

On the expectations after the end of the corona crisis, Irsheid said: “The world has entered into a state of economic depression and we are waiting for this virus to subside until the global economy wheel returns to circulation, and I do not expect a major breakthrough after the end of this crisis, as there are expectations that economic growth will decrease to 2% after it was 3% at the beginning of the year, just as the world's debt is three times the national product, as 255 trillion is the world's debt, compared to 85 trillion national production, and thus this will lead to great pressure.