Growth projection for Saudi Arabia increased


IMF Managing Director Christine Lagarde, AP

Image: International Monetary Fund Managing Director Christine Lagarde. AP

Growth in the six-nation Gulf Cooperation Council (GCC) states is projected to remain strong at an average 4.5 per cent in 2014 and 2015, the International Monetary Fund says in the latest installment of its World Economic Outlook.

Despite lowering its outlook for global economic growth this year and next, owing to the weaker expansions in Japan, Latin America and Europe, the IMF increased its growth projections for Saudi Arabia, Qatar and the United Arab Emirates.

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