Mubasher: The gross domestic product of the Middle East region is likely to grow 3.8% in 2016, according to the annual report issued by Al Masah Capital.
The prospects of the global economic growth are somehow modest. The World Bank, the International Monetary Fund, and the Organization for Economic Cooperation and Development set their global forecasts lower to 2.4%, 3.1%, and 2.9% respectively, said the report issuer.
Although volatile oil prices are likely to continue this year, increasing non-oil sector revenues may help governments fund key sustainable development programs, it added.
The United Arab Emirates, the region’s most diversified market, is expected to register a modest GDP growth of 3.1% in 2016, amid continued concerns about volatile oil prices that will lead to slower economic activity. Meanwhile, the Saudi GDP is likely to stay at 1.2%, compared to 3.4% in 2015, the report said.
