The International Monetary Fund (IMF) lowered its forecast for Oman's economic growth this year as it expects oil prices to remain low for longer and global growth to continue at a sluggish pace. IMF expects the economy to grow by 1.8% in 2016, a percentage point down from 2.8% it had previously forecast in October last year. The Fund projects Oman’s economy to expand 1.7% in 2017. Average growth of GCC member countries is now expected to decline from 3.3% in 2015 to 1.8% in 2016 and pick up to more than 2%over the medium term, the IMF said in its World Economic Outlook released on Tuesday. The Fund has projected Oman's average inflation (based on consumer prices) to remain at 0.3% this year, the lowest among GCC countries. However, Oman's average inflation has been projected to rise to 2.8% in 2017. (Muscat Daily)