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GCC current account surplus to increase by 71% this year – IMF

The International Monetary Fund (IMF) has the current account surplus of the GCC countries is expected to surge 71%, as the region's economy would record more than 7% growth in 2011, Saudi Gazette has reported. "In 2011, the oil exporters' combined external current account balance in the Middle East and North Africa region is expected to increase from $202bn to $334bn (excluding Libya), and from $163bn to $279bn for the GCC," the IMF said.