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Iran/Iraq/Yemen: Poor performance

Among non-GCC economies, the International Monetary Fund expects Iran to sink further into recession in 2019; the IMF predicts a 6% contraction this year, as US sanctions bite. Previously, the IMF had predicted the Islamic Republic’s economy would shrink by 3.6%. The forecast for Iraq’s GDP growth rate has been cut from 6.5% to 2.8%, which – alongside the UAE – would still make it the best-performing this year of the economies in the GSN region.

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African Energy Gulf States Newsletter