GCC to Witness Slow Yet Positive Growth in 2020

GCC to Witness Slow Yet Positive Growth in 2020

Saudi Aramco plans to raise its output capacity to 13 million bpd from 12 million bpd while the UAE would accelerate plans to raise capacity to five million bpd.. Qatar and Oman will see 0.4 percent and 0.2 percent growth, respectively, but Bahrain will witness negative growth of 0.7 percent.. Moody's noted that Saudi Arabia is the only nation in the G20 countries that will see a positive growth of 1.5 percent this year.. According to the IIF, overall Mena region growth will contract by 0.3 percent but GCC region will see positive growth of 0.6 percent.. The cumulative current account balance would shift from a surplus of $65 billion in 2019 to a deficit of $67 billion in 2020, and the fiscal deficit would widen from 2.9 percent of GDP to 9.1 percent..