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GCC: IMF cuts all growth forecasts
The International Monetary Fund’s latest World Economic Outlook (WEO) report, released on 9 April, cut growth predictions for every country in the Gulf. This is due to a combination of weaker oil sector growth, geopolitical instability and the slowdown in key global economies including China. Worst affected among the Gulf Co-operation Council countries was Oman. Expectations for the Kuwait economy were also significantly trimmed back, with growth of 2.5% now expected in 2019, compared to 4.1% previously. Bahrain and Saudi Arabia are both expected to grow by 1.8% this year, compared to previous estimates of 2.6% and 2.4% respectively.
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