IMF expects GCC economies to grow by 4.4 per cent in 2014

gcc optThe International Monetary Fund (IMF) has estimated that the economies of the six Gulf Cooperation Council (GCC) countries will grow by 4.4 per cent in 2014

According to a Khaleej Times report, this is slightly up from IMF's earlier growth forecast of 3.78 per cent.

IMF deputy managing director Nemat Shafik, in a meeting with finance ministers in Riyadh, Saudi Arabia, pegged the aggregate economic growth of the GCC (comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE) in 2013 to be 3.7 per cent.

Shafik said, “The GCC has continued to be one of the top performing economies in the world. The contribution from these economies is vital to the international markets.”

In 2011 and 2012, the IMF estimated that the GCC economies grew by 6.4 per cent, Khaleej Times reported.

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