WASHINGTON: The International Monetary Fund said Friday it expects economic output to shrink this year in five oil-exporting countries in the Middle East, as the US-Zionist entity war on Iran and the closure of the Strait of Hormuz disrupt energy production. In its April regional economic outlook, the IMF said military operations and the shutdown of the key shipping route have led to a “sharp decline in oil and gas production” in Kuwait, Saudi Arabia, the UAE and Iraq. It added that “GDP is expected to decline in five of the region’s…
