Economists at Standard Chartered expect 2020 GDP to contract by 6.3% y/y (1% growth prior), mainly on OPEC++ oil output cuts. USD/KWD trades at 0.312.
Key quotes
“We now expect 2020 GDP to contract by 6.3% y/y (1% growth prior) mainly on a revival of the OPEC++ agreement while non-oil economic activity is set to contract more than 4% y/y.”
“We expect headline growth to recover to 2.5% (1.7% prior) in 2021 as oil output curbs gradually ease.”
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