Economy of six-member GCC to contract 4.4% in 2020 Oman’s economy to shrink the most Oil GDP will contract 5.3% due to OPEC+ cuts The six-member Gulf Cooperation Council will suffer from the worst recession ever in 2020 due to the oil price crash and the coronavirus pandemic, the Institute of International Finance said in a report June 2. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The economy of the energy-exporting GCC region will shrink 4.4% in 2020, with Oman having the worst contraction of 5.3% among the six countries. GCC countries are Saudi Araba, Kuwait, UAE, Oman, Qatar and Bahrain. “Shocked by COVID-19 and the plunge in oil prices, the six GCC states will experience their worst recession in history,” said the IIF in the report. “The depth of the contraction for this year and the speed of the expected recovery in […]