IIF Predicts GCC Countries to Face the Toughest Economic Crisis Ever in Their History

The Institute of International Finance (IIF), a Washington based global financial industry body, has stated that the six Gulf Cooperation Council (GCC) countries are experiencing the toughest economic catastrophe in their history following the dual impact of plummeting oil prices and the COVID-19 pandemic.

According to the IIF, the overall real gross domestic product (GDP) of GCC nations is expected to contract 4.4% in 2020, despite some signs that the spread of the pandemic has been successfully curbed, with some restrictions being eased in recent weeks.

Slashes in public expenditure by regional authorities in order to contain the widening of their deficits are expected to more than...