Gulf Arab oil exporting countries are expected to see lower economic growth of around 4 per cent this year due to a drop in global demand, Kuwait’s Finance Minister Mustapha al-Shamali said on Tuesday.
"It is expected that the average economic growth rate of the GCC (Gulf Cooperation Council) countries will slow down to about 4 per cent in 2012," Shamali told a financial conference.
Asked whether he expected Kuwait’s growth would be higher in 2012, he told reporters: "We hope so. About 5 something."
The Opec member country releases its gross domestic product data with a significant lag.
