Bahrain’s and Oman’s economies will grow less than previously forecast this year as uprisings in the two Persian Gulf states take a toll on industries such as financial services and tourism.
Bahrain’s real gross domestic product will expand 1.4 percent, down from a previous forecast of 4.3 percent, Barclay’s Capital senior economist Alia Moubayed said in an e-mailed report today. Oman’s economic growth was downgraded to 4.5 percent from 5.2 percent, the report said.
The forecast bears a “risk to the downside should the situation in Bahrain deteriorate further,” the report said. In countries where “severe unrest occurred, primarily in Bahrain and to a lesser extent in Oman, non-hydrocarbon growth is likely to slow despite the expected increase in government spending and support from neighboring GCC states.”
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