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  • 05-04-18

    GCC to see growth after oil prices boost, economic recovery

    (MENAFN) GCC countries were found in a recent report to be expected a boost in growth momentum through an increase in oil prices and enhancement in global economy.

    Real GDP growth rate were forecast in the GCC to reach an average of 2.3 percent, from 0.6 percent last year, as explained Coface economist for Middle East & Turkey, Seltem Iyigun.

    The economist further confirmed growth to be expected to maintain its levels at under pre-2014 as a result of unstable energy prices along with geopolitical fears.

    She explained "we see a slight recovery in the growth momentum of GCC nations' GDP on rising oil prices. The recent extension in oil production cut is a positive sign for oil price outlook in the near term, but prices remain volatile."

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