Middle East economies to contract 7.6%

SourceTimes of Oman
SectorEconomy
CountryMiddle east

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 ...read more...