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Subdued domestic and external demand combined with regional tensions created a challenging economic environment for Dubai in 2019.

After three successive years of recession, Trinidad and Tobago’s growth is estimated to have remained flat during 2019, according to IMF data. However, a more significant expansion of 1.5% is expected for 2020 as both gas production and non-oil exports are set to increase.

A downturn in oil revenue on the back of production cuts by the Organisation of the Petroleum Exporting Countries contributed to a difficult year for Oman in 2019, as the government continued with efforts to balance the budget and diversify the economy.

In 2019 the Philippines saw moderate but steady economic growth, even if it fell short of government targets for the year.