Middle East Economies to Shrink 7.6 Percent in 2020

SourceAl Bawaba
SectorEconomy
CountryMiddle east

Economies in the Middle East are forecast to shrink by 7.6 percent this year, much deeper than the previously estimated contraction, according to the latest regional outlook report. The forecast by Oxford Economics is, however, bullish on the long-term outlook for the regional economies. Economic growth in the region is forecast to return to 4.0 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. The report, commissioned by the Institute of Chartered Accountants in England and Wales, for the sharp contraction in GDP this year is almost double the 3.9 per cent they predicted in April. In a webinar held by ICAEW to share its insights on the global and regional economic outlook, panelists said the outlook ...read more...