The Middle East region will grow 2.5 percent this year, less than half the six percent seen in 2008, the International Monetary Fund (IMF) has said, blaming a sharp fall in oil prices. “Among oil producing countries, the sharpest slowdown is expected in the UAE, where the exit of external funds has contributed to a large contraction in liquidity, a sizeable fall in property and equity prices and substantial pressure in the banking system,” the IMF said in its World Economic Outlook. The brightest spot in the Middle East remains Qatar, which is projected to grow 18 percent this year, up from 16.5 percent in 2008, the IMF said. QNA

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