The IMF Adjusts its Growth Forecast for the GCC States

  • GCC Countries
  • 1 July 2020

The International Monetary Fund expected the economies of the Gulf Cooperation Council countries to record levels of strong recovery, which are among the best globally in the coming year.

In this context, Jihad Azour, Director of Fund Management in the Middle East and North Africa region, pointed out that "the Gulf Cooperation Council countries will record an average growth of 2.5% in the next year," explaining that "the IMF reduced the growth forecast for the GCC countries in the current year from a contraction of 2.7 % In the last reports of the Fund issued last April to a contraction, its average is expected to reach 7.6% in 2020 (7% for oil sectors), due to the decline in oil prices and the cessation of economic activities in the face of the pandemic.

Azour stressed that "the expected recovery will be in the form of a letter V, which is among the highest in the world," noting that "the actual rise that will be recorded by the average growth of the GCC countries in the next year is 10% against the contraction expected to be recorded in this year," considering that "the countries of the region has managed to deal with the health crisis effectively, and were able to reduce the number of infections, and contain the spread of the virus, which helps them to move forward on the path of growth in the next stage.

Source (Al-Khaleej Newspaper-UAE, Edited)

Get an annual subscription in Al-Omran Al-Arabi Magazine