11.05.2009 - Saudi, UAE, Kuwait economies to shrink says IMF
From Tradearabia.com: The International Monetary Fund slashed its 2009 economic growth forecast for the Gulf region by more than half to 1.3 percent as the three largest oil-exporting economies, including Saudi Arabia, shrink in a global slowdown. The IMF, which said in February Gulf states were set to grow 3.5 percent this year, warned on Sunday of downside risks from sustained low oil prices and any further deterioration in bank balance sheets due to exposure to weakening real estate markets......Full Article: Source