Digital penetration in the MENA region has been commendable. UAE, for instance, has a 99 per cent penetration with 58.51 per cent of internet consumption through mobile, according to Global Media Insight. Business hubs in Dubai and Abu Dhabi are today the global centers of economic activity. MENA has also become a huge market for tourism boards across the globe. Even though the pandemic led to a drop in travel and live entertainment, as the world entered the new normal, revenge tourism led to a comeback. The pandemic, in fact, led to the rapid adoption of fintech and e-commerce and reduced resistance to digital in the food and beverage industry. According to a report by Checkout.com, one in five consumers across MENA purchased retail products online more frequently this year than last year, with 33 per cent shopping more frequently for fashion and clothing online. The report also found that 82 per cent of consumers in MENA use some form of fintech app in 2022, up from 76 per cent in 2021. Another key report to quote here is the October 2022 edition of the World Bank MENA Economic Update which said that MENA region's economies would grow by 5.5 per cent in 2022, the fastest rate since 2016. However, the report also mentions that this growth could be uneven. Have the Russia-Ukraine and the resulting increased oil and food prices, inflation and economic slowdown in the United States, China, and Europe impacted this region? Or, is the region showing resilience despite these factors?
IMPACT OF NEGATIVE GLOBAL MARKET CONDITIONS
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