DUBAI: The International Monetary Fund has cut its 2023 GDP growth forecast for the oil and gas exporters of the Gulf Cooperation Council to 0.5 percent, it said in a report on Wednesday, down from 1.5 percent projected in its October outlook. “Overall GCC growth has been revised down markedly to 0.5 percent in 2023...reflecting oil production cuts, before moderately rebounding to 2.7 percent in 2024 as the drag from oil production cuts gradually fades,” the IMF said in its regional update.