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.
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