In its revised forecast of real GDP cuts in 2020 for all memberstates of the Gulf Cooperation Council (GCC) except Saudi Arabia, theInternational Monetary Fund (IMF) sees an 8.1 percent contraction for Kuwait.Earlier in April, the IMF predicted a contraction of 1.1 percent for Kuwait.Meanwhile, the IMF revised the expected contraction for UnitedArab Emirates (UAE) from 3.5 percent to 6.6 percent, from 2.8 percent to 10percent for Oman, from 4.3 percent to 4.5 percent for Qatar, and from 3.6percent to 4.9 percent for Bahrain.
Finance ministers and bank governors of the G20 group affirmedthat the global economic activity is showing signs of recovery as our economieshave been gradually reopening and the positive impacts of our significant policyactions started to materialize. However, the recovery is uneven, highlyuncertain and subject to elevated downside risks, they said at the conclusionof their meeting late Wednesday.
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