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Barclays cuts Bahrain, Oman growth forecasts

07 April 2011

Barclays Plc has said growth of the economies of Bahrain and Oman will be less than previously forecast this year as uprisings in the two Arabian Gulf states take a toll on industries such as financial services and tourism, Bloomberg has reported. Bahrain's real gross domestic product will expand 1.4%, down from a previous forecast of 4.3%, while Oman's economic growth was downgraded to 4.5% from 5.2%, Barclay's Capital senior economist Alia Moubayed said in an e-mailed report yesterday. In countries where "severe unrest occurred, primarily in Bahrain and to a lesser extent in Oman, non-hydrocarbon growth is likely to slow despite the expected increase in government spending and support from neighbouring GCC states," the report said.

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