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WB: GCC economies to grow well this year

19 May 2010

(MENAFN) The World Bank said in a 20-page study that GCC economies would benefit from strong oil prices and rebound significantly by nearly 4.4 percent this year, Emirates Business 24/7 reported.

The bank said that GCC economies would lead and spearhead economic growth in the Middle East and North Africa (MENA) region.

The projected growth for the six-nation GCC this year is far higher than the 0.8 percent rate posted in 2009, and that of MENA region is also nearly double the 2009 growth of nearly 2.2 percent.

The bank said that the region is recovering from the financial crisis along with the global economy. Growth in 2010 is expected to be 4.4 percent region-wide, driven by domestic absorption as well as a positive contribution from external demand.

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