World Bank slashes growth forecast for UAE, rest of GCC region | GulfNews.com:
"The UAE and the rest of the oil-producing countries in the Gulf will continue to face pressure from low oil prices, coupled with tightening fiscal and monetary policies this year, the World Bank said on Tuesday.
In the latest update of its Global Economic Prospects report, the bank slashed the growth forecast for the UAE to 2 per cent this year, a drop of 1.1 percentage point from the January 2016 projections. The country’s GDP was estimated to be at 3.4 per cent last year.
The World Bank said the downgrades are partly due to expectations that oil prices will continue to trade lower for the year, at an average of $41 per barrel. “For GCC countries, continued low oil prices, together with tightening fiscal and (to a lesser extent) monetary policy, will be a drag on activity in 2016,” said the World Bank."
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