IMF lowers growth forecast for Middle East oil exporters

25 May 2010

The International Monetary Fund has cut its forecast for economic growth for oil exporters in the Middle East and Africa from a month ago as oil prices have fallen, Bloomberg has reported. The fund's new forecast for the region's oil exporters is 4.3%, down from 4.5% in its April report. Crude has slumped almost 20% this month, to about $70 a barrel. However, growth will still be almost three times faster than the 1.5% that the oil exporters recorded last year, the report said.

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