The Gulf Cooperation Council (GCC) and Africa will experience higher economic growth in 2019, Moody’s Investors Service said in its new report, according to Argaam.

“Steady oil prices would strengthen lenders in the Gulf, where funding and liquidity constraints are easing,” the credit rating agency wrote in its 2019 Outlook on Emerging Markets.

Increased oil prices have reduced the fiscal deficits and governments are slowing the reforms which has led to higher inflation and reduced the companies’ profits, Moody’s added.