Mideast Stocks: IMF's dire economic warning, oil demand shrinkage weigh on Gulf | ZAWYA MENA Edition

Mideast Stocks: IMF's dire economic warning, oil demand shrinkage weigh on Gulf | ZAWYA MENA Edition:

Most Middle East indexes fell for a second day on Thursday, after the International Monetary Fund (IMF) warned of the worst economic downturn since 1930s while an expected drop in global oil demand to quarter-century lows added to the woes.

The global economy is expected to shrink by 3.0% during 2020 in a coronavirus-driven collapse that would be the steepest since the Great Depression of the 1930s, the IMF said.

The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to levels not seen in 25 years and warned no output cut by producers could fully offset the near-term falls. 

Saudi Arabia's benchmark index slid 2.7%, with state -owned oil giant Saudi Aramco dropping 2.3% and Al Rajhi Bank down 1.3%.