Middle East Economic Survey


No 20



IMF Projects Sharp Decline In GCC Growth Rate To 1.3% In 2009

The global economic crisis which began to unfold in the second half of 2008, coupled with the sharp drop in oil prices, is expected to slash real GDP growth in the GCC countries to 1.3% in 2009 from 6.4% in 2008, according to the IMFs May 2009 report, The Regional Economic Outlook: Middle East and Central Asia (REO). The IMF said that the downturn in economic activity...