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GCC economies to slow next year
- Middle East: Thursday, December 04 - 2008 at 08:20
The economies of the GCC countries will slow next year as the price of oil falls 'sharply', according to an organization representing the world's top banks. Oil prices will average about $56 a barrel in 2009, the lowest since 2005, the Washington-based Institute of International Finance predicted in the report. The drop in oil prices will reduce growth of the GCC countries to 3.6% in 2009, down from 5.7% this year, according to the report, cited by Bloomberg.
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Jeff Florian, Senior ReporterThursday, December 04 - 2008 at 08:20 UAE local time (GMT+4)
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