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Gulf economies to shrink by 7.6% this year: IMF

Reuters (DUBAI/RIYADH) Gulf Cooperation Council (GCC) countries will see their economies shrink by 7.6% this year, an International Monetary Fund official said on Tuesday, revising downwards April forecasts of nearly 3%. The six GCC nations are, with varying degrees, facing steep economic declines as the slowdown in business activity due to

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