Gulf Economic Crunch Hits Foreign Workers' Remittances: Chart

Pakistani and Filipino workers in the six nations of the Gulf Cooperation Council are sending less money home as governments cut spending to cope with the fallout from lower oil prices. Policy makers are focusing on creating jobs for nationals, leaving fewer and generally lower paid opportunities for foreigners, said Monica Malik, chief economist at Abu Dhabi Commercial Bank. The IMF expects 0.9 percent growth in the GCC this year and 2.5 percent in 2018 -- compared with an average 5 percent a year for the period 2000-2013.

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