Bahrain: IMF advises prudence for GCC’s weaker economies

The International Monetary Fund’s Article IV reviews of Oman and Bahrain, published on 12 and 14 February respectively (following ‘virtual missions’), give further detail of how the Gulf Co-operation Council’s weakest economies have fared over the past year. Oman’s GDP fell by 6.4% last year, which was better than a previous IMF estimate of a 10% slump. Bahrain’s economy shrank by 5.4%, as non-oil GDP fell by 7%. The IMF praised both countries’ response to the Covid-19 pandemic, including the restrictions they imposed on travel and businesses, and their additional expenditure on healthcare and social support.