IMF doesn't see oil prices staging a dramatic recovery anytime soon, predicting prices in the $40 to $50 range in 2021.
That's still half the $80 per barrel figure OPEC kingpin Saudi Arabia needs to balance its budget, according to the fund.
In is recent outlook on Middle East and Central Asia, the IMF downgraded its outlook for Middle East and Central Asian economic recovery, predicting a 4.1% contraction for the region as a whole — 1.3 percentage points worse than its previous assessment in April.
The Fund notes a large disparity in economic loss between oil importing and exporting countries as the region has been hit by the coronavirus pandemic and a plunge in oil prices, leading on average, to negative growth by 6.6% for oil exporting countries, and negative growth of 1% for all importing countries.
See all the news
რატომ ვერ ვმართეთ კორონავირუსი? - #Forbesკვირა პროლოგი გიორგი ისაკაძე
Q&A: Ek Law Office
LVMH and Tiffany Agree on Lower Price for $16 Billion Takeover
Woman in Charge
Hualing FIZ: Four New International Companies to Establish Free Zone Businesses in Georgia
Focus on Georgia - ADB
Focus on Ganja Gap in Nagorno-Karabakh’s Regional Conflict
Scientific Community Calls for Action Against Lockdowns
Georgian Government seize foreign-owned asset, referred to International Arbitration
Studying Abroad Costs Georgian Students €10,000–15,000
Franco Frattini - Georgia, straying from the rule of law
Letter to the Newsweek Editor: 'Russia Determined to Wield Power in Georgia'
Caspiannews: Georgia’s Actions to Seize Foreign Company Disrupt Telecommunications Corridor Between Europe & Asia
Turkish cable manufacturer Koc Kablo has opened its first factory in Georgia
TBC Bank announces management change
EU Local Statement on recent public comments with regards to the German Ambassador to Georgia
Oil prices fall further on virus fears, U.S. crude stock build
Georgia reports 3 new cases of coronavirus and 7 recoveries
The trend of demand for holiday houses is emerging - a study of the real estate consumer market
Update on Shuakhevi HPP