Saudi
According to “Reuters”; The International Monetary Fund has revised its previous forecasts for all Gulf countries with the exception of Saudi Arabia, which is expected to witness a contraction of 5.4 percent this year, compared to previous estimates of 6.8 percent.
UAE
The fund said: “The UAE, the second largest economy in the Gulf, may witness a contraction of 6.6 percent this year, compared to previous expectations of a 3.5 percent decline.”
Oman and Kuwait
The largest change came in the forecast for the Sultanate of Oman, which is expected to witness a contraction of ten percent, and Kuwait at 8.1 percent. In April, the fund had forecast a contraction of 2.8 percent in Oman and 1.1 percent in Kuwait.
Qatar and Bahrain
The fund said that Qatar’s economy is expected to contract 4.5 percent and Bahrain’s economy by 4.9 percent, compared to expectations of a decline in April of 4.3 percent and 3.6 percent, respectively.
A return to growth
The International Monetary Fund estimates that all Gulf economies, with the exception of Oman, are expected to return to growth next year, led by Saudi Arabia, whose GDP will grow 3.1 percent in 2021.
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