Citing low oil prices and tighter fiscal policies, the World Bank has downgraded its forecast for growth in the GCC region to 2%

Citing low oil prices and tighter fiscal policies, the World Bank has downgraded its forecast for growth in the GCC region to 2%, and its global growth forecast to 2.4%, half a percentage point less than the outlook it predicted in January. The bank’s Global Economics Report said growth in the wider Middle East region is forecast to pick up slightly to 2.9% in 2016, 1.1 percentage points less than expected in the January outlook, mainly due to the expected strong recovery of Iran after the lift of sanctions on the country in January.

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