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Monday, 22 June 2009

Middle East economic growth will slow to 1.6% in 2009, says World Bank

Economic growth in the Middle East and North Africa will remain below its average rate of 4.5% until 2011 as lower oil prices and weaker European export markets hurt growth, the World Bank said.

Economic expansion in the region will slow to 1.6% this year from 5.6% last year, the World Bank said in its regional outlook released today.

Gross domestic product for the developing countries of the region is expected to halve to 3.1% this year from 6% last year, the World Bank said.

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