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Road to Recovery, Part II
Come on – it wasn’t all bad. The crash of 2009 put the Gulf economies on a more solid footing, reports Trends magazine. Part II.
November 23, 2009 12:15 by Scott MacMillan
True, the bad news will often drown out the good, but that’s no reason to disregard the skeptics. As the international press has been quick to point out, the largest artificial islands in the world are worth little more than piles of sand if nobody wants to live on them.
And as the lesson of the 1970s shows, massive gains are easily squandered on wasteful projects. Ideally, the downturn of 2009 will force Gulf leaders to take a close look at their post-boom policies. In the meantime, they are fortunate – call it luck, call it prudence – not to be running out of money anytime soon.