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GCC: IMF cuts all growth forecasts

Economic growth is faltering, according to the latest International Monetary Fund estimates, which make Oman the poorest performer among Gulf Co-operation Council countries. While the Fund’s previous World Economic Outlook, published in October, forecast that Oman would be the fastest-growing GCC economy this year, with 5% predicted GDP growth, the early April WEO slashed this to just 1.1%, making it the slowest-growing GCC economy. Oman’s economic problems are reflected by the big three ratings agencies, which have all lowered Muscat’s sovereign credit rating to ‘junk’ status.

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