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FINANCIAL NEWS
GCC economic growth to slow down to 4 pct
23 Sep 2013
(MENAFN) Euler Hermes reported that Gulf Cooperation Council (GCC) countries’ economic growth may weaken to 4 percent in 2013, according to Gulf News.
Trade Credit Insurance Summit will discuss the GCC and the global economic matters today in Dubai.
Ludovic Subran, Chief Economist at Euler Hermes International Trade Observatory, said: “GCC countries, having experienced two years of sustained economic growth, are expected to slow to 4 per cent in 2013 mainly due to the global demand slowdown. A global and delayed recovery is expected in 2014 (+3.1 per cent). However, the overall growth deceleration will increase the momentum of global insolvencies (+8 per cent in 2013; +2 per cent in 2014).”
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