Oil-producing Mideast countries are coping with low global oil prices though more government reforms are needed, the International Monetary Fund’s chief for the Mideast said as the organization issued a new report Wednesday showing weak economic growth in the region.
Masood Ahmed also told The Associated Press that Iran’s economy beat expectations by growing by 4.5 percent this year and could keep up that pace if it can modernize its industries and allow in more foreign investment after its nuclear deal with world powers.
Much of the IMF’s new report on the Mideast’s economic outlook won’t come as a surprise to those living in the region since oil prices have been halved following highs of over $100 a barrel in mid-2014.
All Gulf Arab countries have cut back on generous subsidies that kept gasoline prices low, while some have reorganized government agencies and halted construction projects.
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