International Monetary Fund: Gulf economies will witness 7.6% contraction this year

SANAA, June 30 (YPA) – An official at the International Monetary Fund painted a bleak picture of the economies of the Gulf Cooperation Council countries this year, in light of the Corona crisis and the decline in oil prices in global markets.

An official at the fund said that the economies of the Gulf Cooperation Council countries (Saudi Arabia, Oman, UAE, Kuwait, Qatar and Bahrain) will witness a 7.6% contraction this year.

The official also indicated that oil prices are expected to reach $ 40-50 in 2020.

Gulf countries face an economic downturn this year in light of the Corona virus pandemic, which has weakened global demand for crude, and measures to contain the virus that have affected the non-oil economy