Dubai: Gulf shares fell as the International Monetary Fund cut its economic growth forecast for the United Arab Emirates after oil prices tumbled. Meanwhile, Kuwait's index gained on speculation details of a government bailout will be announced soon.
The IMF cut its economic growth forecast for the UAE by almost half after oil prices and the value of overseas investments plummeted, according to a draft report. Gross domestic product will expand by 3.3 per cent this year compared with a previous estimate of six per cent, in the fourth-biggest producer of the Organisation of Petroleum Exporting Countries.
Crude oil for March delivery settled at $41.68 (Dh153.12) a barrel on January 30 on the New York Mercantile Exchange. Crude lost more than $100 since it surged to a record $147.27 a barrel in July as the global economy slipped into recession.
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