{"id":275680,"date":"2020-07-01T11:43:49","date_gmt":"2020-07-01T14:43:49","guid":{"rendered":"https:\/\/anba.com.br\/?p=275680"},"modified":"2020-07-01T13:42:10","modified_gmt":"2020-07-01T16:42:10","slug":"gulf-economies-to-shrink-by-7-6-due-to-pandemic-and-oil","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/gulf-economies-to-shrink-by-7-6-due-to-pandemic-and-oil\/","title":{"rendered":"Gulf economies to shrink by 7.6% due to pandemic and oil"},"content":{"rendered":"<p>S\u00e3o Paulo \u2013 Gulf Cooperation Council (GCC) countries will see their economies shrink by 7.6% this year, International Monetary Fund (IMF)\u2019s Middle East and Central Asia Department director Jihad Azour (<em>pictured <\/em>above) said on Tuesday (30) at a virtual economic forum. The news was published on the Saudi newspaper <em><a href=\"https:\/\/www.arabnews.com\/node\/1697966\/business-economy\" target=\"_blank\" rel=\"noopener\">Arab News<\/a><\/em> and other media across the region.<\/p>\n<p>GCC is composed by the Arab countries Oman, United Arab Emirates, Saudi Arabia, Qatar, Bahrain, and Kuwait. The projection for the region\u2019s Gross Domestic Product (GDP) performance announced by Azour revises down April forecasts by nearly 3 percentage points.<\/p>\n<p><em>Arab News<\/em> reported that the GCC nations are, with varying degrees, facing steep economic declines as the slowdown in business activity due to the coronavirus pandemic is amplified by a price drop in hydrocarbons, which are their main source of revenue. \u201cThe contraction will be across all sectors, oil and non-oil,\u201d Azour said.<\/p>\n<p>Saudi Arabia\u2019s economy \u2014 the largest in the Arab world \u2014 faces a 6.8% contraction this year, sharper than the 2.3% IMF had forecast in April. Saudi authorities, though, said that they expect the country\u2019s economy to fare better than the IMF forecast, seen as \u201cmore pessimistic\u201d than the country\u2019s own projections.<\/p>\n<p>In the same forum, Bahrain\u2019s Central Bank chief Rasheed Mohammed Al-Maraj said his country\u2019s economy is expected to shrink in line with IMF forecasts. The Fund in April had projected Bahrain\u2019s economy to contract by 3.6% in 2020. The IMF official oil-producing countries in other regions are likely to see even larger drops in their GDP.<\/p>\n<p><strong>Translated by Guilherme Miranda<\/strong><\/p>\n<div class=\"credits-overlay\" data-target=\".wp-image-275677\">Karim Sahib\/AFP<\/div>\n","protected":false},"excerpt":{"rendered":"<p>According to forecast made public by an IMF official on Tuesday (30), the region\u2019s GDP will contract more than it had been projected in April, due to the coronavirus impacts on the economy activity and the low prices of hydrocarbons.<\/p>\n","protected":false},"author":2316,"featured_media":275677,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[114],"tags":[9599,15991,15992,10161,1988,15990,15993,2063,1964,15988,15989],"class_list":{"0":"post-275680","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-gcc-en","9":"tag-gdp-middle-east","10":"tag-gdp-middle-east-2020","11":"tag-gulf-en","12":"tag-imf","13":"tag-imf-middle-east","14":"tag-jihad-azour-en","15":"tag-middle-east","16":"tag-oil","17":"tag-oriente-medio-pib","18":"tag-oriente-medio-pib-2020"},"wps_subtitle":"According to forecast made public by an IMF official on Tuesday (30), the region\u2019s GDP will contract more than it had been projected in April, due to the coronavirus impacts on the economy activity and the low prices of hydrocarbons.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/275680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2316"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=275680"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/275680\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media\/275677"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=275680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=275680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=275680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}