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Iran/Iraq/Yemen: Faltering performance

Among non-GCC economies, Iran is expected to sink further into recession in 2019 by the International Monetary Fund, which predicts a 6% contraction for this year as US sanctions continue to 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