Oil prices will remain around $55 per barrel in 2017 says World Bank

The World Bank has perdicted that oil prices will be steady around $55 per barrel in 2017. According to Global Economic Prospects Report issued by World Bank, the oil exporting economies will see moderate growth. Despite robust growth in Iran, thev recovery will be slightly slower than expected.

According to this report, the growth will be lower in the largest economy of the Arab world, Saudia Arabia. It will grow around 1.6% in 2017. The growth of second largest economy UAE will be around 2.5% in 2017. Qatar will see the strongest growth among the GCC countries. Its growth will be around 3.6% in 2017. Over all the growth of the G CC countries will average around 2.7% in 2017. GCC countries will have to face another painful year.

Iran will see one of the strongest growth in the economy in Middle East. Iran will grow an average of 5.2% in 2017. Irani economy will out perform its Arab rivals in the region.