Dr. Masood Ahmed, Director of IMF Middle East and Central Asia Department, listens to a journalist during the IMF Regional Economic Outlook Update press conference in Dubai, United Arab Emirates, Monday, April 25, 2016. (AP Photo/Kamran Jebreili)
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Oil exporting countries in the Middle East lost a staggering $390 billion in revenue due to lower oil prices last year, and should brace for even deeper losses of around $500 billion this year, the International Monetary Fund said Monday.In a revised economic outlook report released Monday, the IMF said these countries will see revenues from oil exports drop even more in 2016, to between $490 billion to $540 billion compared to 2014, when oil prices were higher. Saudi Arabia, the region's biggest economy, will see growth at just above 2 percent.The IMF warns that just among oil exporters in the region, 10 million young people are expected to enter the workforce by 2020, yet 3 million of them will find themselves without jobs at the current pace of development.
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