Connect with us

Hi, what are you looking for?

Business

IMF expects most Gulf economies to recover this year

The International Monetary Fund expects most Gulf economies to recover this year at a faster pace than previously estimated, as it raised its 2021 global growth forecast to 6 percent from 5.5 percent less than three months ago.

Saudi Arabia’s economy, the region’s largest, is expected to grow 2.9 percent this year, up from the 2.6 percent forecast in January, the IMF said in its latest World Economic Outlook, released this week.

The kingdom’s economy contracted 4.1 percent last year due to the twin shock of the COVID-19 pandemic and lower oil prices.

For the latest headlines, follow our Google News online or via the app.

The United Arab Emirates, the Gulf’s second largest economy, will see growth of 3.1 percent this year, rebounding from a 5.9 percent contraction in 2020, the IMF said. In October last year it had forecast a 6.6 percent drop in 2020 and 1.3 percent growth this year.

Oman saw the biggest positive revision of the Gulf countries, from expectations of a 0.5 percent contraction this year to a forecast of 1.8 percent growth.

Bahrain’s economy is now expected to grow 3.3 percent this year versus a forecast of 2.3 percent in October. Forecasts for Kuwait and Qatar remained almost unchanged, with Kuwait expected to post 0.7 percent growth this year, up from an October estimate of 0.6 percent.

Qatar’s economy is estimated to grow 2.4 percent, just below the previous 2.5 percent estimate.

The IMF on Tuesday said unprecedented public spending to fight the COVID-19 pandemic, primarily by the United States, would push global growth to 6 percent this year, the fastest pace since 1976.

Next articles

Most major Gulf markets ease in early trade as Saudi gains

IMF sees stronger global growth as some COVID-19 clouds begin to clear

 

 

You May Also Like

World

Germany’s vaccine commission, known as STIKO, recommended on Thursday that people under 60-years old who have had a first shot of AstraZeneca’s COVID-19 vaccine...

Life Style

An uncrewed SpaceX Starship prototype rocket failed to land safely on Tuesday after a test launch from Boca Chica, Texas, and engineers were investigating,...

World

Officials from Iran, China, Russia, France, Germany and UK will meet virtually on Friday to discuss a possible return of the US to the...

Energy

United Arab Emirates power producer Abu Dhabi National Energy Co. (TAQA) announced on Wednesday plans to increase its renewable energyassets, in a shift away...

Advertisement

error: