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GCC economies expect continue real growth
growth in GDP of 4.7 percent is expected in 2011, up from 4.4 percent this year.
May 17, 2010 4:47 by Katherine Azmeh
Following a slowdown in real GDP last year, GCC economies are expected to post 4.4 percent real growth this year, followed by continued growth of 4.7 percent in 2011, according to the Institute of International Finance (IIF), Zawya.com reports.
“Higher oil prices, robust government spending, and some normalization of global trade and capital flows,” were cited for the rising GDP.
The IIF expects the GCC’s financial sector to continue to be burdened by non-performing loans, however, with additional provisioning required of banks, Zawya reports.