Mideast war an 'unprecedented' blow for region: IMF to AFP

The Middle East war has created an “unprecedented shock” for the region’s economies with no guarantee of a quick recovery, a senior International Monetary Fund official has told AFP.

Five of the Gulf’s eight oil- and gas-producing countries face a contraction this year, the IMF said in a regional report published on Thursday.

Growth in the others — Saudi Arabia, the United Arab Emirates and Oman — will slow but remain in positive territory, it said.