By Martin Morris
The International Monetary Fund on Wednesday slashed its Middle East growth forecast for this year by half a percentage point to 2 percent from the 2.5 percent forecast back in April.
Principal reason for the downgrade is due to the region being more affected by the drop in global trade than previously expected as governments have increasingly used their financial reserves to prop up domestic demand.
On the upside, however, forecast growth for 2010 was raised to 3.7 percent from 3.5 percent. (more)
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