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Gulf Economic Outlook - Q1 2021
February 2021 | Publication
The Conference Board expects real GDP of the Gulf region to contract by 4.7 percent in 2020 and to rebound by 2.4 percent and 3.6 percent, respectively, in 2021 and 2022. Oil GDP is expected to contract by 4.3 percent in 2020, followed by flat growth in 2021 before gaining momentum in 2022. With a subdued 2021 oil demand outlook, the Gulf region non-oil recovery will be the main contributor to growth in 2021. However, this recovery is subject to the extent of government support to the private sector and the extent of serious reforms to decouple economies from oil production.