(MENAFN - Kuwait News Agency (KUNA)) Financial and economic policies of the world's big economies failed to build confidence in global economic growth, a report showed here Friday.
The global financial regime is suffering from slow growth specially in eurozone, while GDP growth in oil producing countries in the Middle East and North Africa (MENA) region will remain solid, the report by Kuwait Finance House (KFH) noted.
It said the International Monetary Fund (IMF) lowered global GDP growth this year to 3.3 percent, 0.2 percent less than previous projections.
KFH anticipated unemployment to remain high in many countries around the world coupled with weak financial circumstances triggered by liquidity availability and creation of jobs.
On the eurozone, KFH said IMF also reduced growth projections to -0.4 percent from -0.3 percent, while lowering 2013 growth estimates to 0.2 percent.
The IMF, meanwhile, raised growth expectations for the US to 2.2 percent annually, more by 0.2 percent than previous estimates.
KFH said GDP in the oil producing countries in the MENA region would remain strong because of the strength of the oil and gas sectors supported by high oil prices.