Standard Chartered expects Saudi GDP to shrink by 4.5% on oil production cuts

Standard Chartered said it expects Saudi Arabia's gross domestic product to contract by 4.5% year on year in 2020 against a previous expectation of a 5% growth, mainly because of oil production cuts agreed among international crude producers.

The United Arab Emirates will see its GDP drop by 4.6% this year against a previous 1.4% growth estimate, the bank said in a statement.

Kuwait's GDP is expected to contract by 6.3%, against a previous 1% growth forecast, it said.