IMF lowers GCC region's 2023 growth estimate to 0.5% on oil output cuts

The International Monetary Fund has cut its 2023 GDP growth forecast for the oil and gas exporters of the Gulf Cooperation Council to 0.5%, it said in a report on Wednesday, down from 1.5% projected in its October outlook.

"Overall GCC growth has been revised down markedly to 0.5 percent in 2023...reflecting oil production cuts, before moderately rebounding to 2.7% in 2024 as the drag from oil production cuts gradually fades," the IMF said in its regional update.