FINANCIAL NEWS

Arab’s 2010 GDP rebounds by 3.8%

11 Jul 2011

(MENAFN) Inter-Arab Investment Guarantee Corporation (IAIGC) said that last year; Arab economies rebounded by around 3.8 percent, reported Emirates 24/7.

IAIGC added that the Arab countries’ combined financial reserves grew by almost 5 percent reaching USD958 billion and the capital flow in the region widened due to increasing oil prices.

The corporation also said that all Arab countries witnessed growth in 2010 compared with the previous year; nevertheless, it was the first time in almost 10 years where growth in the combined Arab gross domestic product (GDP) was below the average growth in other developing nations.

It is worth noting that 2010’s growth resulted from surging oil prices and production, reforms in some countries and post-crisis recovery of most regional economies.

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