Middle East economies to contract 7.6%
- Date: 15-Sep-2020
- Source: Times of Oman
- Sector:Economy
- Country:Middle East
Middle East economies to contract 7.6%
September 15, 2020 | 5:54 PM
by Times News Service
Photo used for illustrative purpose only.
Muscat: Economies in the Middle East are forecast to shrink by 7.6 per cent this year, according to a new report.The Economic Outlook report from Oxford Economics, commissioned by ICAEW (the Institute of Chartered Accountants in England and Wales) forecasts a 7.6 per cent contraction in GDP this year for the Middle East, almost double the 3.9 per cent contraction which they predicted in April. However, growth is expected to return to 4 per cent 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
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