Emerging signs of economic diversification bode well for GCC economies

Emerging signs of economic diversification bode well for GCC economies

Abu Dhabi: The long-term outlook for MENA based investors looks surprisingly positive due to digital acceleration and other signals of growth in non-oil sectors due to the global pandemic, according to Aberdeen Standard Investments (ASI).Covid-19 continues to ravage economies around the world. The most recent forecast from the International Monetary Fund (IMF)1 predicts a very gloomy end to 2020 for the GCC with GDP expected to shrink by 7.6% for the year, notably worse than the 2.7% contraction predicted in April.2Edris Alrafi, Head of Middle East & Africa for Aberdeen Standard investments (ASI, said: "2020 will be remembered by most as the worst year in recent history for many reasons and the economic devastation should not be downplayed with the remainder of the year expected to be extremely difficult."However, for