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Regional growth estimated at 2.8% in 2016

The Arab Monetary Fund estimated regional growth to increase to 3.1% in 2017

NEWS, Business, Arab, GCC business, GDP growth

The Arab Monetary Fund estimated regional growth in 2016 at 2.8%, daily Al Riyadh reported.

Regional growth is expected to grow to 3.1% in 2017.

The AMF report entitled 'Arab Economic Horizons' made these predictions based on a combination of expectations, including the increase of oil prices and the improvement of conditions in Arab countries.

The daily said OPEC is trying to control oil production levels in an effort to stop the decline in prices ahead of a meeting with the organisation in Doha in April.

It said growth in GCC countries will drop to 2.5% in 2016 and increase to 2.6% in 2017.

The daily said the CEO of Al Baraka Banking Group had predicted Arab GDP to drop to $2.4 trillion in 2015 from $2.8 trillion a year earlier, and reach $2.5 trillion in 2016.

The report estimated Arab inflation to average 7.4% in 2016 to increase to 8.1 % in 2017.

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