11 July 2020

Has China gained an edge on the US in the Gulf?


This week brought more economic bad news for the Gulf Cooperation Council (GCC) countries. 

The International Monetary Fund (IMF) revised downward its forecasts for economic contraction this year as a result of both COVID-19 and declining oil prices, as we report here

The IMF now projects a 7.6% contraction in gross domestic product, a key measure of economic output, for the GCC in 2020, compared with its April forecast that there would be a 3% decline this year.

Contributing to the drop is a projection that Saudi Arabia’s economy will shrink 6.8%, nearly tripling the April estimation of a 2.3% decline.

The downturn in GCC economies has limited the prospects and planni

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