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Gulf economies forecast to grow 4% in 2011

Jassim Al-Mannai, director general of the Abu Dhabi-based Arab Monetary Fund, has said Gulf economies are to grow on average 4% in 2011 thanks to higher oil prices, but Bahrain will underperform the others because of political turbulence, Reuters has reported. "Prices of oil at around $100 a barrel are very lucrative for oil producers. Based on this the economic situation will continue to improve. On average four per cent is achievable as a whole," he said. "In Bahrain because of the turmoil, growth could be revised down a little bit."