The GCC region has faced setbacks and shocks over many decades, but seldom has the near-term outlook soured so profoundly. Policy responses have been commendable, sizable and timely, which will ease the pain, but the scale of the downturn is unprecedented.
Ehsan Khoman, Head of MENA Research and Strategy, believes that the synchronised nature of OPEC+ production cuts shrinking oil GDP, combined with a sharp contraction in non-oil GDP caused by COVID-19 induced consumption evisceration, points to a deep GCC recession in 2020.
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