GCC economies will see a modest recovery in 2020 and 2021, thanks to stabilisation in the real estate sector, as well as broad money growth, according to the UN's latest report.

"The GCC economies are expected to experience a modest recovery during 2020 and 2021 as the real estate sector stabilises. In Saudi Arabia and the UAE, in particular, broad money growth is projected to recover in line with a moderately accelerating expansion of domestic demand. Ongoing reform efforts by the government to facilitate economic diversification should also contribute to the recovery," according to the UN Conference on Trade and Development (UNCTAD).

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