World Bank slashes UAE, GCC, Mena growth forecast.

The World Bank, on Wednesday, slashed the growth forecast for the UAE, GCC, and Middle East and North Africa (Mena) region for 2020 and 2021, due to geopolitical tensions and lower oil demand amidst a weakened global growth.

It slashed the UAE's growth estimates for 2019, 2020, and 2021 by 0.8 percent, 0.4 percent, and 0.2 percent respectively, from its June 2019 forecast. In its January 2020 Global Economic Prospects report, released late on Wednesday, the World Bank predicted the UAE's growth at 1.8 percent for 2019, but said that it will pick up over the next three years and expand at 2.6 percent in 2020 and 3.0 percent for 2021 and 2022.

Growth projections for Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain were also lowered by the World Bank. Overall, GCC countries are set to grow for 2019, 2020, and 2021 by 1.3 percent, 1.0 percent, and 0.1 percent, respectively. Similarly, the Mena region's growth rate has also been slashed by the World Bank for 2019 and 2020, but 2021's rate remains...