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Satyendra Pathak
Doha
Qatar’s economy will be the least affected among GCC economies due to the COVID-19 pandemic that has led to an unprecedented contraction in economic activities globally in 2020, according to IMF’s October 2020 World Economic Outlook (WEO) released on Tuesday.
As per the IMF report, Qatar’s economy is expected to shrink by 4.5 percent, which is the lowest contraction compared to any other GCC country
The IMF’s latest forecast of 4.5 percent contraction in Qatar's economy, however, is higher than the contraction forecast of 4.3 percent in April.
According to the IMF outlook, Qatar will be followed by Bahrain that is expected to see its economy shrink by 4.9 percent against April contraction forecast of 3.6 percent.
The COVID-19 pandemic has led to an unprecedented contraction in economic activity globally with global growth projected contract 4.4 percent this year, the IMF said in its revised outlook for 2020.
While there is an improvement over a 5.2 percent contraction predicted in June, the IMF warned that the economic outlook was worsening for many emerging markets amid the coronavirus crisis.
According to the report, countries in the oil-rich Gulf are suffering the double shock of the coronavirus crisis and low oil prices.
The IMF revised down its previous forecasts for all Gulf countries except Saudi Arabia, which is now expected to contract 5.4 percent this year, against a previous 6.8 percent contraction estimate.
All the Gulf economies, except Oman, are expected to swing back to growth next year, the IMF estimated.
Both advanced and emerging market economies will suffer deep and broad-based declines, with more than 85 percent of countries around the world expected to see subzero growth this year.
Confronted with a global health and economic crisis, policymakers have taken extraordinary measures to protect people, the economy, and the financial system. Despite forceful policy action, however, the prospects for recovery remain highly uncertain.
The October 2020 WEO baseline global growth forecast of 5.2 percent for 2021 assumes that continued unprecedented monetary policy accommodation and large fiscal lifelines will keep financial conditions easy and help offset COVID-19–related cash flow pressures on firms and households.
Doha
Qatar’s economy will be the least affected among GCC economies due to the COVID-19 pandemic that has led to an unprecedented contraction in economic activities globally in 2020, according to IMF’s October 2020 World Economic Outlook (WEO) released on Tuesday.
As per the IMF report, Qatar’s economy is expected to shrink by 4.5 percent, which is the lowest contraction compared to any other GCC country
The IMF’s latest forecast of 4.5 percent contraction in Qatar's economy, however, is higher than the contraction forecast of 4.3 percent in April.
According to the IMF outlook, Qatar will be followed by Bahrain that is expected to see its economy shrink by 4.9 percent against April contraction forecast of 3.6 percent.
The COVID-19 pandemic has led to an unprecedented contraction in economic activity globally with global growth projected contract 4.4 percent this year, the IMF said in its revised outlook for 2020.
While there is an improvement over a 5.2 percent contraction predicted in June, the IMF warned that the economic outlook was worsening for many emerging markets amid the coronavirus crisis.
According to the report, countries in the oil-rich Gulf are suffering the double shock of the coronavirus crisis and low oil prices.
The IMF revised down its previous forecasts for all Gulf countries except Saudi Arabia, which is now expected to contract 5.4 percent this year, against a previous 6.8 percent contraction estimate.
All the Gulf economies, except Oman, are expected to swing back to growth next year, the IMF estimated.
Both advanced and emerging market economies will suffer deep and broad-based declines, with more than 85 percent of countries around the world expected to see subzero growth this year.
Confronted with a global health and economic crisis, policymakers have taken extraordinary measures to protect people, the economy, and the financial system. Despite forceful policy action, however, the prospects for recovery remain highly uncertain.
The October 2020 WEO baseline global growth forecast of 5.2 percent for 2021 assumes that continued unprecedented monetary policy accommodation and large fiscal lifelines will keep financial conditions easy and help offset COVID-19–related cash flow pressures on firms and households.
