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According to ICAEW’s latest Economic Insight report, rising oil prices promise to support economic growth in the Middle East. Although macroeconomic conditions do seem more promising, there is also a chance trade tensions between the US, China and Europe could slow down growth.
After a relatively slow start to the year, the overall Middle East GDP is expected to grow from 0.9 percent in 2017 to 2.4 percent in 2018.
The report predicts that global crude oil price will average at $78 per barrel in the second half of 2018, and $74.5 per barrel for the year.