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GCC to stabilize despite economic slowing growth
(MENAFN) The Gulf Cooperation Council (GCC) area is facing growth issues due to weak oil prices but there will be efforts to reform spending and to augment gov't incomes.
Moreover, oil prices will remain low until at least 2017, because of the continuation of recent policy of the Organization of Petrol Exporting Countries (Opec).
Additionally, Brent crude will reach USD 32 per barrel and will remain below USD 70 for the rest of this decade, which will erode existing buffers like subsidies in oil-rich Gulf nations.
A decline should be avoided, growth across the GCC will be just 2.1 percent, and it's lowest since the financial crisis, as stated ICAEW Economic Adviser.
Moreover, oil prices will remain low until at least 2017, because of the continuation of recent policy of the Organization of Petrol Exporting Countries (Opec).
Additionally, Brent crude will reach USD 32 per barrel and will remain below USD 70 for the rest of this decade, which will erode existing buffers like subsidies in oil-rich Gulf nations.
A decline should be avoided, growth across the GCC will be just 2.1 percent, and it's lowest since the financial crisis, as stated ICAEW Economic Adviser.
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