"Gulf countries and other oil exporters from the Middle East and Africa are expected to face a deceleration in economic growth this year, according to the latest update of the regional economic outlook from the International Monetary Fund (IMF).
The region’s oil-exporting countries achieved robust growth of 5.7 per cent in 2012 on account of the almost complete restoration of Libya’s oil production and strong expansion in GCC countries.
“For the region as whole economic growth is projected to fall to 3.2 per cent in 2013, as oil production growth pauses in the context of subdued global oil demand. However, non-oil growth continues at healthy rates of about 4.5 percent on average,” said Masood Ahmad, director of the IMF’s Middle East Department."
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