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Inflation is long-term problem for GCC
- Tuesday, May 13 - 2008 at 09:16
Rising inflation is a long term problem for all GCC countries as many of the contributing factors to the rising prices are not strictly short term in nature, according to Mohsin Khan, Regional Director of International Monetary Fund's Middle East and Central Asia Department. Khan said the factors that are fuelling inflation, which include delays in real estate supply and rising costs of imported food, are not short term issues, which means the region will need to learn to adjust to higher inflation. The IMF estimates that inflation will average 7.1% this year across the entire GCC, compared to 6.1% last year.
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Jeff Florian, Senior ReporterTuesday, May 13 - 2008 at 09:16 UAE local time (GMT+4)
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