World Bank expects recession to deepen

The recession will be deeper than expected, but Gulf economies will fare better than the global average, the World Bank said yesterday.

The expected contraction in global economic output will threaten the fragile economies of developing countries and increase the numbers of the world’s poor and unemployed, the bank said in its Global Development Finance report.

“Prospects for recovery in the developing countries in the Middle East and North Africa will depend importantly on the strength of the eventual revival of growth in Europe and in the GCC countries,” the bank said.

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