IMF sees Middle East facing ‘big drop in growth this year’

IMF sees Middle East facing ‘big drop in growth this year’

The International Monetary Fund called Tuesday for urgent action from Middle East governments as the coronavirus pandemic threatens a persistent slump in oil revenues and a "big drop" in growth.. Kuwait and Iraq will see their oil revenues dive by more than 10 percent of GDP, while the decline for Saudi Arabia, Oman, Qatar and Bahrain will be between four and eight percent, it said in a report.. IMF chief Kristalina Georgieva said March 23 that world economic growth will be negative this year and could be worse than the 2008 global financial crisis, further sapping demand for Middle East oil..