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FINANCIAL NEWS
GCC net foreign assets to hit USD2.3t
17 May 2014
(MENAFN) According to the Institute of International Finance (IIF), net foreign assets of GCC countries are estimated to increase to USD2.3 trillion, accounting for 137 per cent of the region”s economy by the end of the current year, Khaleej Times reported.
As a result of continued large surpluses, the region’s gross financial assets are also on course to rise to USD2.8 trillion by the end of 2014, the Washington-based global association of financial institutions said.
“The GCC”s external current account surplus, while declining, is expected to remain large at USD287 billion in 2014. The consolidated fiscal surplus will also narrow from 10.6 per cent of the gross domestic product in 2013 to 8.3 per cent in 2014,” IIF said in its regional overview.
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