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Gulf states need to diversify economies, says IMF chief
- Middle East: Monday, October 19 - 2009 at 10:31
Dominique Strauss-Kahn, managing director of the International Monetary Fund, has said the GCC countries should be commended for cushioning the impact of the crisis through strong countercyclical fiscal policy, Reuters has reported. However, there is a need to continue to diversify the financial sector, and more broadly the economy, he added. 'Doing so would reduce both, volatility in economic activity and financing costs for private investment, which is key to providing jobs for a growing labour force,' he was quoted as saying.
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StaffMonday, October 19 - 2009 at 10:31 UAE local time (GMT+4)
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