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  • 09-10-14

    GCC GDP to average 4.5 percent in FY 2014-15

    (MENAFN) According to The International Monetary Fund latest assessment, GCC growth is expected to average about 4.5 percent annually in the 2014-15 period, with nonoil gross domestic product increasing by 6 percent and oil GDP rising just 0.5 percent in these countries, while the non-GCC oil exporters' growth is predicted to average 0.25 percent in 2014, Arab News reported.

    Meanwhile, the economic growth forecasts for several countries in the Middle East had to be cut, due to a weakness in the global outlook as well as the unstable geopolitical conditions surrounding the region.

    Output in the Middle East, North Africa, Afghanistan and Pakistan is now expected to expand 2.7 percent this year, a decline by 0.4 percent compared to IMF's previous report earlier this year, however, the region's growth is expected to increase by 3.9 percent next year.

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