IMF deepens pessimism over Gulf economies as prices slump

摘要

Dubai—The economy of the six-member Gulf Cooperation Council will shrink 7.6% in 2020, worse than April projections, due to weak oil prices and the coronavirus outbreak, an International Monetary Fund official said on June 30. The Gulf regions’ GDP was initially forecast to contract 2.7%, according to the IMF’s April projections. Growth is expected to return next year at a 2.5% pace, which will be among the highest economic recoveries the region will witness, Jihad Azour, the IMF’s director for the Middle East and Central Asia department, told a webinar organized by the IMF and conference organizer al-Iktissad Wal-Aamal group.