Kuwait Real Estate News
Major GCC economies likely to slip into recession this year
The International Monetary Fund (IMF) has slashed its growth forecast for the GCC and has predicted that the regions largest oil exporters which includes Saudi Arabia, Kuwait and the UAE, are likely to slip into recession this year.
The growth projection for the year has been cut to 1.3 percent for the Gulf bloc by the IMF, from the 3.5 percent forecast predicted in February and the sharp decline in oil prices and contraction in global demand and tightening of international credit markets.
The prediction by IMF is that the Saudi economy may shrink by 0.9 percent, Kuwait by 1.1 percent and UAE by 0.6 percent.
Overall, the growth in the Middle East and Central Asia will fall to 2.5 percent from 6 percent last year, it said.
However, the IMF Director-Middle East and Central Asia Department, Masood Ahmed, said that the MENA region will bear the negative impact of global recession, but will fare better than several others. This is mainly due to the prudent economic management and also due to the fact that oil exporters in the region can depend on their large reserves to ride out the impact of the global recession for their own economies and for the economies of their neighbouring countries, who have growing economic links.
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