Attiyah: GCC proved resilient to global crisis
09 Apr 2010
(MENAFN) Qatar’s Deputy Premier, H E Abdullah Al Attiyah, said that the GCC economies have shown their ability to weather the shadows of the global economic crisis with the least negative impact, The Peninsula reported.
Al Attiyah cited the estimates of the International Monetary Fund (IMF), which forecasted the GCC’s budget surplus this year to reach 10.4 percent of their gross domestic product (GDP).
He pointed out that the GCC governments had taken positive steps in the years when oil prices were high since the beginning of the last decade which contributed in cushioning the effects of the global financial crunch. He said that the impact of the global crisis was relatively moderate on the GCC compared to other countries.
Al Attiyah added that all economic indicators at the beginning of this year show an improvement in Gulf region, mainly on the backdrop of the expected stability in oil prices of around $80 per barrel.