File - Prime Minister Tammam Salam, center, heads a Cabinet session at the Grand Serail in Beirut, Friday, May 16, 2014. (The Daily Star/Mahmoud Kheir)
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Lebanon is expected to further feel the impact of the growing budget deficits and austerity measures in oil-rich Arab Gulf states in 2016, bankers and economists warned Tuesday.This will reduce the GDP growth in these states from 3.25 percent to 2.25 percent," economist Ghazi Wazni told The Daily Star.He added that this will surely reflect negatively on the Lebanese economy since many Lebanese expatriates work in these countries. Deposit growth in the first 10 months of this year was $4.9 billion compared to $5.8 billion in the same period of 2014," Barakat said.He added that the drop in remittances and deposit growth was partly due to the GCC countries impact on the Lebanese economy. Barakat stressed that deposit growth in the GCC states was relatively weak this year compared to 2014 .
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