Economic activity in the Gulf will contract sharply this year before recovering in 2021, hit by the double shock of the coronavirus pandemic and an oil price crash, a quarterly Reuters poll showed on Tuesday.
FILE PHOTO: A Saudi family wearing protective face masks walk on Tahlia Street as nightlife kicks off, after the government loosened lockdown restrictions following the outbreak of the coronavirus disease , in Riyadh, Saudi Arabia June 21, 2020. REUTERS/Ahmed Yosri/File Photo
In March, a Saudi-Russian price war caused oil prices to plummet, and the Organization of the Petroleum Exporting Countries and its allies subsequently implemented output cuts. Medians forecast a 5.1% contraction for the United Arab Emirates’ economy this year and 2.6% growth in 2021. Three months ago, they expected the economy to shrink 0.4% this year.
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