World Bank cuts growth forecasts, except for Iraq
Issue 1017
- 17 Jun 2016
| 1 minute read
The World Bank has cut its projected growth rate for most Gulf economies in 2016-17, blaming low oil prices, cuts to government spending and ongoing conflict for holding back activity. Gulf Co-operation Council countries are now expected to grow by just 2% this year, compared to the 3% the World Bank predicted in January. Growth next year is forecast at 2.3%, compared to a previous estimate of 3.2%. Kuwait will be the slowest economy, with forecast growth of just 1.3% in 2016.
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