Qatar, least affected by global financial crisis in GCC countries

Doha: Amid novel COVID-19 pandemic, Qatar is least affected by the potential impact of the global financial crisis in GCC countries, reports International Monetary Fund (IMF). It overshadows the footing status of the global economy than ever before in COVID-19 times. The IMF states the new concerning statistical update in the latest edition of its World Economic Outlook report. Though the Qatar economy is projected to contract by 4.5 per cent due to the Pandemic surge, this is relatively lesser compared to the Gulf States.

According to the report, Qatar economy forecasts a decline by 4.5 per cent, the fallout was only by 4.3 per cent in April 2020. While the Bahrain financial system will contract by 4.9 per cent, says the report. This will trigger a sharp global economic contraction up to 4.4 per cent. The COVID-19 storm has infected many emerging establishments to stoop low. The Covid-19 uncertainty along with the decline in the oil prices has led to the prolonged economic blockade in the Gulf countries. All the GCC states, except Oman, will muscle up their economic progression by next year.

The IMF also revised its economic forecasts of all the Gulf States except Saudi Arabia. The economic growth rate of 85 per cent of countries shall slip to a zero per cent. The new conclusions are rigid enough to face the financial challenges encountered in the health and economic sectors at the global level. The decisions aim a stronger rebound to protect the financial crisis and the people's interests at the global level.

(Reported by Safa Fazal)