The International Monetary Fund expects most Gulf economies to recover this year at a faster pace. The IMF raised its forecast for global growth for 2021 to 6% from 5.5% less than three months ago. 

The economy of Saudi Arabia, the region's largest, is expected to grow 2.9% this year, up from a 2.6% forecast in January, according to the World Economic Outlook released by the IMF.

The kingdom's economy contracted 4.1% last year due to the double shock of the COVID-19 pandemic and lower oil prices.

The IMF said the United Arab Emirates, the second-largest economy in the Persian Gulf, is expected to grow 3.1% this year after falling 5.9% in 2020. Last October, it was projected to fall 6.6% in 2020 and rise 1.3% this year.

Oman saw the most significant positive revision in the Gulf countries, from expectations for a 0.5% contraction this year to forecasts for 1.8% growth.

Bahrain's economy is expected to grow 3.3% this year, up from a 2.3% forecast in October. Forecasts for Kuwait and Qatar remained largely unchanged, with Kuwait expected to post 0.7% growth this year, up from 0.6% in October.

The Qatar economy is estimated to grow 2.4%, slightly below the previous estimate of 2.5%.