#GCC economies to slow down to 2% in 2019 as Brent seen averaging $65: IIF

GCC economies to slow down to 2% in 2019 as Brent seen averaging $65: IIF:

Brent is expected to average $65 this year against $71.8 in 2018, thus leading the Gulf Co-operation Council (GCC) economies to slow down to 2% in 2019 compared to 2.3% estimated for the previous year, according to the Institute of International Finance (IIF).

The US-based economic think-tank said the GCC countries need to continue pursuing deeper structural reforms to strengthen the business climate and competitiveness to empower the private sector to achieve higher and sustainable growth.

“Timely implementation of the reform agenda will facilitate diversification away from oil. Laws and regulations governing business and investment should be revamped to draw on best practices in successful emerging economies and promote fairness, transparency, and predictability,” it said.