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According to Reuters, previous forecasts were for a 5 percent growth, mainly due to agreed oil production cuts between two global crude producers.
The bank said in a statement that the UAE will witness a 4.5 percent drop in GDP this year, against a previous estimate of 1.4 percent growth.
He added that Kuwait's gross domestic product is expected to contract 6.3 percent, compared to a previous forecast for growth of one percent.
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