Economic growth in the GCC to slow-down to 1.8% in 2016 from 3.3% in 2015 according to IMF
The IMF said that tighter fiscal policy and weaker private sector confidence and lower liquidity in the banking system would weigh on economic growth of the GCC. The IMF expects the GCC’s non-oil growth to be 3.25% over the next five years, well below the 7.75% recorded during 2006-15. While most GCC countries have reduced fuel and utilities subsidies, the IMF says further reforms could save 2% of GDP and plans to introduce a 5% sales tax from 2018 could raise a further 1.5% of GDP. (Financial Times)
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