Report: GCC economies to grow 4.4% in 2010

18 May 2010

(MENAFN) A report issued by the Washington-based Institute of International Finance (IIF) forecasted that economies of the Gulf Cooperation Council (GCC) members will grow by an average of 4.4 percent this year, and 4.7 percent in 2011, Khaleej Times reported.

The report noted that higher oil prices, sound macroeconomic policies, and the normalization of global trade and capital flows underpinned the robust GCC recovery.

The IIF forecast a rebound in oil production of around three percent in Kuwait, Saudi Arabia, and the UAE, and said GCC?s revenue from oil and gas would rise from $323 billion in 2009 to $419 billion in 2010 and to $457 billion in 2011.

The IIF?s GCC growth figures were in line with a World Bank report, which said growth in the GCC would be 4.4 percent in 2010.

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