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GCC states spend $150bn due to regional unrest

Bank of America Merrill Lynch (BofAML) has announced that the Gulf Cooperation Council (GCC) countries have increased spending by approximately $150bn due to the recent political unrest in the region, Emirates24/7 has reported. Jean-Michel Saliba of BofAML explained that the initial response of GCC policymakers has been to sharply increase current spending to accommodate social pressures and to pledge intra-regional fiscal transfers to less endowed members.