Automotive industry GCC update – COVID-19’s impact and forecast ...United Arab Emirates

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Automotive industry GCC update – COVID-19’s impact and forecast
source : ME CONSTRUCTION NEWS ( United Arab Emirates ) () 25
The Middle East economy was in full-year recession for 2020, as per IMF data, with GDP growth falling in all four quarters. Oil-exporting Gulf economies were subjected to a double whammy of lockdowns as well as a collapse in oil prices. The Saudi Arabian economy contracted at its steepest pace in Q2 2020 with -7% GDP growth, with recovery likely to begin only in Q2 2021. In October 2020, IMF projected the UAE GDP to contract by -6.6% in 2020 due to COVID-19 and lower oil production. Dependent on the speed of global recovery, growth is expected to reach 2.5% by 2022, supported by government recovery plans, higher oil revenues, and a boost from the delayed Expo Dubai 2020. Source: General Aut

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