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IMF: Gulf oil exporters growth to slow to 0.7%
- Middle East: Monday, October 12 - 2009 at 11:17
The International Monetary Fund has said that the economic growth of Gulf Arab oil exporters is set to slow to 0.7% this year but will rebound in 2010 to grow by 5.2% on rising oil revenue, Reuters has reported. Real GDP growth in 2009 for the Gulf, including the UAE, Kuwait, Qatar, Oman and Bahrain, would fall from an estimated 6.4% last year, Masood Ahmed, director of the IMF's Middle East and Central Asia Department said. 'The use of reserve buffers for countercyclical spending by oil exporters mitigated the impact on their own economies and generated positive spillovers for their neighbours,' he said.
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StaffMonday, October 12 - 2009 at 11:17 UAE local time (GMT+4)
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