Redefining The GCC Economic Future
- Date: 28-Sep-2020
- Source: Dubai Chronicle
- Sector:Economy
- Country:user-top-picks
Redefining The GCC Economic Future
Emerging signs of economic diversification into future-proof sectors bode well for GCC economies and MENA investors long-term.
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.2
However, ASI believes the strength and wealth of governments in the region,
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