Economic output in GCC countries expected to fall 6% this year, IMF says
- Date: 19-Oct-2020
- Source: Mubasher
- Sector:Economy
- Country:uae-top-picks
Economic output in GCC countries expected to fall 6% this year, IMF says
Mubasher: The International Monetary Fund (IMF) became more optimistic about economic growth prospects for Gulf states, but is urging governments to retain social spending as a resurgence in coronavirus cases clouds the region's outlook, Bloomberg reported on Monday.
Economic output in the six GCC countries is set to shrink by 6% this year, less than the 7.1% contraction forecast in July. The improvement was helped by an upward revision for Saudi Arabia, the region's largest economy.
Output in the kingdom is seen declining by 5.4% this year, a more moderate contraction than the originally forecast of 6.8%. Its finances were brightened by austerity measures, including tripling the value-added tax (VAT) and higher customs fees.
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