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GCC faces 'inflationary spiral'
- Thursday, January 31 - 2008 at 08:41
A new report by Moody's Investors Service said Gulf states may be creating an 'inflationary spiral' by boosting spending in response to higher prices, reported Khaleej Times. The reporte said increased government spending on salaries and subsidies, aimed at alleviating the effects of inflation, may stimulate demand, leading to further price hikes. Inflation accelerated to records in all six GCC states during the past year, fuelled by higher government spending and a falling dollar, to which most of their currencies are linked.
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Jeff Florian, Senior ReporterThursday, January 31 - 2008 at 08:41 UAE local time (GMT+4)
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