ICAEW: Middle East economies to contract 7.6% in 2020

  • Date: 30-Sep-2020
  • Source: Saudi Gazette
  • Sector:Economy
  • Country:GCC
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ICAEW: Middle East economies to contract 7.6% in 2020

LONDON — The Economic Outlook report from Oxford Economics, commissioned by ICAEW (the Institute of Chartered Accountants in England and Wales) forecasts a 7.6% contraction in GDP this year for the Middle East, almost double the 3.9% contraction which they predicted in April. However, growth is expected to return to 4% in 2021 and 2022 as lockdowns are fully eased, global travel picks up and Brent oil prices move closer to $50 per barrel.ICAEW held a webinar to accompany the release of the report and share its insights on the global and regional economic